| With online fraud on the rise, Visa USA has stepped up efforts to ensure the safety of its online transactions. The credit-card company has initiated a series of online security measures aimed at protecting cardholders and merchants.
The latest elements are a payer authentication service and an alliance with Internet Security Systems, a provider of intrusion-detection software and managed security services.
The moves come as online merchants say cyber-fraud is on the rise. For example, 83 percent of the 132 merchants surveyed by software supplier CyberSource Corp. and Mindwave Research said fraud is a problem, up from 75 percent that made the claim a year ago. The survey also reports that online purchases account for about 5 percent of all credit-card transactions, yet account for 50 percent of all fraud that involves cards.
Earlier this year, Visa published data security guidelines for online merchants. By mid-2001, online merchants must have Visa’s security guidelines in place. This will range from deploying enterprise firewalls to designating information security officers and encrypting stored data. | 