DOHA: Qatar Islamic Bank (QIB) has announced a new security enhancement for authenticating online payments for all its Visa Credit Card payments.
QIB has now added “3D Secure Technology” to online purchases made through any VISA credit card. 3D Secure service is a password-protected authentication system designed to confirm the identity of the cardholder when a VISA Card is used online. This technology will automatically recognise QIB Credit Card when presented at a participating online store, and the cardholder is prompted to input ‘One Time Password’ (OTP) for the online purchase made through VISA credit card.
After the customer enters his card details at the participating online merchant, an OTP is sent to the user via SMS to the registered mobile number with QIB to authenticate the transaction. Alternatively, the OTP can also be generated through a mobile smartphone application (QIB Aman), if the user has already pre-registered for it. The online store needs also to be 3D Secure in order for this service to work.
D Anand, QIB’s Personal Banking General Manager, explained that the use of 3D Secure Technology will help reduce fraud and improve online security, to the benefit of all consumers. “Using this system, QIB’s cardholders can now feel more secure when purchasing over the Internet. No special software is needed and the entire system is very easy to use. In addition, the cardholder has control over their card the entire time it is being used for online purchases.
“The merchants, too, benefit from this new arrangement,” Anand continued, “as it has a minimal impact on their interaction with consumers, but at the same time increases sales by enhancing consumer confidence, while reducing risk of fraudulent and disputed transactions.”
“Studies have shown that as many as a third of cardholders worldwide are wary of shopping online, due to security concerns.”
The Peninsula
