Credit cards Updated:
Figures released today (22 September 2008) by APACS, the UK payments association, reveal that more than 25 million UK-issued debit and credit cards have now been registered with MasterCard SecureCode and Verified by Visa - online payment systems that make cards more secure when shopping on the internet.
Cardholder registration with these schemes has increased by 150 per cent in the last twelve months - from 10 million registered cards in August 2007, and by nearly 600 per cent in the last two years - from 3.6 million registered cards in August 2006.
Using these services is quick and easy. Cardholders sign up and choose a private password, which they then use when shopping online at participating retailers. This provides cardholders with:
The latest figures also show that over 1.5 million cardholders are registering their cards with these secure online payment systems every month, up from a figure of 200,000 per month two years ago - an increase of 650 per cent.
Cardholders can sign up to Verified by Visa and MasterCard SecureCode at the website of the bank or card company that issues their card, or when they are shopping at participating merchants. More and more online retailers are introducing these secure systems, and those that have currently handle approximately one third of the value of all the UK's online shopping.
Sandra Quinn, director of communications at APACS, said:
"Shopping online is now very much part of our everyday life, and it is excellent news that more than 25 million cards have registered with MasterCard SecureCode and Verified by Visa. This is an important milestone as it means that more than half of all online shoppers have now registered their cards. The banking industry continues to urge those cardholders not yet signed up to do so, as we all need to play our part to make life harder for online shopping fraudsters."
For further information about Verified by Visa and MasterCard SecureCode please visit www.shopsafeonline.org.uk which details how to sign up to these systems and contains a free-to-download Paying Safely Online advice guide.
Later this year APACS will also launch a new campaign, designed to help protect cardholders from fraudsters when shopping online in the run-up to Christmas. This campaign will help inform consumers how they can 'Be Card Smart Online'.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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