To provide customers with world-class services along with the latest security features, Qatar Islamic Bank (QIB) has announced a new security enhancement for authenticating online payments for all its Visa credit card payments.
QIB has now added “3D Secure Technology” to online purchases made through any Visa credit card. 3D Secure is a password-protected authentication system designed to confirm the identity of the cardholder when a Visa card is used online.
The technology will automatically recognise QIB credit cards when presented at a participating online store; the cardholder is prompted to register a one-time password (OTP) for the online purchase made through Visa.
After the customer enters card details, the OTP is sent via SMS to the registered mobile number with QIB to authenticate the transaction. Alternatively, the OTP can also be generated through a mobile smartphone application (QIB Aman), if the user has already pre-registered for it. The online store needs also to be 3D Secure for the service to work.
D Anand, general manager, personal banking, QIB, said the use of 3D Secure Technology will help reduce fraud and improve online security.
“Using this system, QIB’s cardholders can now feel more secure when purchasing over the Internet. No special software is needed and the entire system is very easy to use. In addition, customers have control over their cards the entire time during online purchases,” Anand said.
He noted that merchants also benefit from the technology due to minimal impact on interaction with consumers: “But at the same time increases sales by enhancing consumer confidence while reducing risk of fraudulent and disputed transactions.”
Anand said: “Studies have shown that as many as a third of cardholders worldwide are wary of shopping online, due to security concerns. Authenticated payment systems, such as 3D Secure should now convince prospective e-Commerce shoppers that it is safe to use their cards to make purchases online.”