Visa’s Digital Wallet Security Best Practices
Technology has changed the way we communicate, the way businesses interact , and now the way in which we can make payments. People can now make payments with their mobile phone. This type of payment has become known as “digital wallet,” also referred to as wireless mobile credit card processing. There are numerous advantages of using digital wallets over physical wallets. For example, digital wallets can provide more convenience and control over your finances. Moreover, they may even be viewed as safer than physical wallets since passwords, pass phrases, or “keys” are required to access them. Digital wallets can also be a huge help in managing your payments and accounts, receiving offers from merchants you know and trust, tracking and spending reward or loyalty points, and storing digital receipts and warranty information. In order to help cardholders increase the security of their digital wallets, Visa has published Digital Wallet Security Best Practices. This document provides consumers with a few easy, inexpensive steps to help ensure that access to their money is not only convenient, but also secure. Visa’s 3 steps include: prevent, detect, and resolve. In order to prevent fraud, Verified Visa gives your online transactions greater protection, since you must select a personal password that confirms your identity when checking out. Visa also uses 3- Digit Security Code to confirm that the card is in your physical possession. Secondly, in order to detect fraud, Visa utilizes real time fraud monitoring in order to identify and respond to any disruptions in typical spending patterns. Lastly, in the case of fraud Visa completely covers you, and helps you regain control of your card and safeguard it for the future. Following Visa’s guidelines will ensure that your digital wallet and credit card processing services remain safe.