Fraud liability part of payment system
A widely deployed system intended to reduce on-line payment card fraud is fraught with security problems, according to University of Cambridge researchers.
The system is called 3-D Secure (3DS) but known better under the names Verified by Visa and MasterCard SecureCode. Implemented and paid for by e-commerce vendors, the systems require a person to enter a password or portions of a password to complete an on-line purchase.
As a reward for investing in the systems, merchants are less liable for fraudulent transactions and are stuck with fewer chargebacks.
A security researcher and engineer professor at the University of Cambridge contend there are several flaws with 3DS. One involves the use of unidentified information during the transaction, a common practice employed by malicious websites. Another problem is the continued use of passwords and user-supplied authentication credentials, which are subject to being acquired by thiefs.
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