3D Secure systems may prove not to customers’ advantage

[img_assist|nid=8846|title=|desc=|link=none|align=left|width=100|height=61]As it was reported earlier, at present time the number of customers adopting the secure online payment system of 3D Secure more commonly known as ‘Verified by Visa' and ‘MasterCard SecureCode' is rapidly growing. Current figures show that there are over 25 million cardholders that have subscribed for the system.

Such a rise that reflects a 600% increase within the last two years is regarded by many as evidence testifying to the high level of online security provided by these systems. Yet there are people who have another view.

GrIDsure, the developer of a new approach to authentication warn customers that this extra layer of security may simply turn out to be an added burden for them. In the judgment of Jonathan Craymer, chairman of GrIDsure in spite of some positive aspects of any online security innovations there is always place for a by-effect and even counter result. He finds this trend when customers are pressed to register to a system that at last can prove more vulnerable to identity theft than the previous tools.

Many customers are not aware of the fact that if a customer's password is used to commit fraudulent activity on their account, banks can now blame the customer for not protecting it sufficiently.

“Software such as spyware or key logging technology can render the extra layer of protection useless as a fixed password can be captured and compromised quite easily. The security of the system could be immediately improved by replacing these with one-time passwords or PINs. The cynical amongst us may argue that some financial organizations are simply concerned with shifting responsibility rather than improving security,” he concludes.