New security measures are being implemented by the two leading credit card companies Mastercard and Visa. The Visa security measure is referred to as Verified by Visa. Across the banking industry these new security measures are referred to as 3D Secure. As all banks roll out these new security measures over the next few months it will be necessary to use 3D Secure on all websites, in the same way that Chip & Pin is required in retail outlets.
What is Verified by Visa?
Visa have developed a new anti-fraud scheme to reduce the risk of a customer's card being used fraudulently. It works by means of a secret password, much like your PIN, which you choose.
From now on you will be asked to enter your password before your card can be used to make a purchase online. This means that even if someone does manage to get hold of your card details, they won't be able to use them online without knowing your password.
How do I get my Password?
If you have not already set up your password, the next time you attempt to deposit to Paddy Power using your credit or debit card, you will be prompted to register for Verified by Visa Securecode.
You will be asked to input your card details and some other personal information to prove your identity. This varies by bank but may include information such as your date of birth, your mother's maiden name or your credit limit. Although you are inputting this information via the Paddy Power website, you are communicating directly with your bank through a secure link, so Paddy Power or anyone else does not see this information.
You will also be asked to create a password. This password must include alphabetic characters and numbers. Once you have created the password you will be able to use this password for all future payments on any website, much like you use your PIN to make withdrawals at ATMs, or make purchases in shops. It is therefore important that you remember this password. If you do forget it, your bank can assist you in changing it.
Does this Apply to all Cards?
It depends on your bank when this will occur. If your bank has not yet implemented it, you will not be required to go through this process and can continue to deposit as normal. Once your bank enables Verified by Visa and Mastercard Securecode, you will be required to register your password. You can contact your bank for further details on when they plan to implement it.