Groan

[karen2205]

What's the current geek take on Verified by Visa and Mastercard secure code?

I've now encountered Egg putting a block of some description on my card after I didn't sign up for Mastercard secure code while doing some online shopping a couple of weekends ago. I've now just tried to buy something else online and encountered a Mastercard secure code screen without a cancel function, got back to a screen to enter different card details and it took me to a verified by Visa screen.

I'm currently skeptical about the benefits of either scheme and don't see what else they add in terms of security and am pretty pissed off at retailers removing the ability to skip the screen. What do you think? Are they a useful security feature? Am I going to end up signing up for them on the basis of the process of least resistance in order to be able to do some shopping?

Comments

[toothycat]

They add a step during which you are communicating directly to the bank, not going via the retailer. This makes it harder for a malicious retailer to make unauthorized withdrawals, and also makes it harder for you to deny a transaction that involved the use of your security code. This is obviously of benefit to the bank, and so is indirect benefit to you since the bank spends less to recoup its fraud losses and can afford to charge you less / pay you more; how much direct benefit to you there is is debatable (some would even go so far as to say you are worse off, as if your security code is stolen it is harder for you to deny the transactions).