The amount of identity verification information needed in an online transaction is very little: birth dates, mother's maiden names, addresses and a password, which can all be easily guessed," he said.
In a case of fraud, she said, American Express would bear the financial burden, assuming the merchant has followed all standard card acceptance procedures. More details emerged on Monday about the cyber break-in at a payment processing company that...
Websites and merchants can integrate Google Checkout into their sites as an alternative payment processing method to existing checkout and credit card processing systems, said Salar Kamangar, vice president of product management at Google.
This is certainly the case for pure-play internet merchants because unlike multi-channel New Look, where cash-only customers can easily go into one of the group's stores to purchase, at an online-only store this is not an option for shoppers.
Sandra Alzetta, senior vice president, innovation and acceptance at Visa Europe, said the wallet phone "just gives customers more choice" and is a "natural follow on" from Visa's contactless card system.
In a survey conducted by Experian in April, 98 per cent of respondents have no plans to enhance payment fraud checks as they join Sepa, even though the increased volume in high speed transaction processing could expose their systems to frausters.
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