Verified by Visa is a solution that will help prevent fraudulent transactions and encourage more business online
Barclays Bank of Botswana has become the first bank in the country to launch the Verified by Visa solution, which provides additional security features for online transactions that should give extra peace of mind for online shoppers.
Verified by Visa is a global solution designed to make online commercial purchases more secure by ensuring the rightful owner of the Visa account initiates the transaction. It is a password protected authentication system designed to confirm the identity of the cardholder when a Visa card is used online and protect a cardholder against unauthorised use.
This added security allows Barclays cardholders to monitor every online transaction charged to their account, empowering them to stay in control while they bank on the go. The key feature is that it enables customers to review and approve online transactions charged to their banking cards prior to payment. This way, it helps to prevent fraudulent transactions and gives all parties in the payment process greater peace of mind, especially when used in conjunction with all the other security features offered by Visa. It is expected to encourage the growth of e-commerce in the country.
Speaking at the launch, Retail Director at Barclays Bank of Botswana, Brighton Banda, said: “Verified by Visa is the most premier security feature to be launched in the Botswana market to date and is available to our customers free of charge. Our customers are increasingly embracing digital platforms to stay connected and to conduct local and international trade. With Verified by Visa, Barclays’ customers are in greater control of what transactions are ultimately charged to their debit and/or credit cards.”
The way it works is that a one-time password will be sent via email or SMS to the customer who has completed an online transaction. The customer only needs to enter the one-time password as a confirmation of their online transaction, and it is only at this point that the payment process will be completed.
In addition, customers are offered an enhanced Barclays Visa card with the Chip and Pin feature. Chip and Pin is a prime card technology introduced to prevent card fraud. Each new Barclays card now has an embedded chip that makes the card extremely difficult to clone, allowing customers flexibility to seek immediate assistance in the event of the loss or theft of their card.
Brighton concludes: “This launch is in line with strategic developments of our digital infrastructure and protecting our customers’ online data remains a top priority for us. We continue to make good progress to develop our digital journey while ensuring that all our digital channels provide a pleasant experience and the security that customers need to connect, shop and trade.”