Visa is an association of 21,000 member banks that
have issued over 1 billion cards worldwide. Over $2
trillion in volume passes through Visa. Although e-commerce
has become a significant source of Visa volume growth,
there is a downside. Higher fraud levels have resulted,
due to an inability to definitively verify identity
and account authority over the Internet. Visa needed
to find a way to verify cardholder identity for Internet
transactions, and engaged Weinstein Consulting to meet
Weinstein assisted in the development of Verified
by Visa, a new global service that authenticates cardholders
during e-commerce transactions. Weinstein:
- Helped develop the specification, service description,
message flows, pilot architecture, and implementation
requirements for banks, merchants, and their software
vendors and service providers.
- Performed competitive analysis of other secure payment
initiatives from American Express, MasterCard, NACHA,
NYCE, and VeriSign.
- Researched and reported on the economics associated
with cardholder disputes and fraud for Internet payment
- Selected vendor to verify consumer identities during
Verified by Visa will significantly reduce e-commerce
payment card fraud, a $1 billion problem worldwide.
Global deployment is expected to grow in 2003.