" ITREALMS: Interswitch says ‘Verve card data is safe on net’


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Monday, December 12, 2011

Interswitch says ‘Verve card data is safe on net’

The Director of Payment Solution, Interswitch Group, Mr. Charles Ifedi has reassured cardholders in the country, especially those on Verve that their card details are intact even on the Internet.

Ifedi gave this assurance at the last week’s Verve National Consumer promo’s draw in the city of excellence, Lagos.

According to him, Interswitch, the pan-African integrated transaction and payment-processing firm has improved the security designs of its web payment platform to make certain sufficient security is given for every cardholder on Interswitch platform, most those shopping online.

Additionally, he said that increased confidence for cardholders would translate, especially online, an improved image for Nigeria.

Ifedi declared that with the Interswitch’s Chip and PIN technology on Verve, “no one can steal your card details on the internet.”

He pointed out that additional security has been put in place to ensure that merchants that have websites cannot capture cardholders’ card data “because if they are able to capture card data of cardholders it is additional risk.” 

Interswitch, he said, has created four categories for online merchants to assist in determination of the level of trust each merchant could extend to online shoppers.

He cited an instance with a school, which is in a higher category of risk than an airline, adding that this carries a higher risk than a shop and a shop has a higher category than a merchant selling airtime.

“There are categories that we have set to make sure that there are limit to what people can do. If you want to transact higher value, what you need to do is go to your bank and get a one-time password system so that the system can guarantee that you are the genuine owner of the card data,” he explained.

He emphasized that Interswitch web payment platform has been verified-by Visa, stressing that the implication is that “all transactions on the platform are secured.”

Ifedi further said that another security features are noticeable on the site to protect online retailers with the sign of a “padlock,” to show that the site is secure.

“Once you see that padlock at our site you automatically know that anything you enter at that point is been encrypted online, real time all the way to your bank. So nobody can break it in-between,” he said.

Ifedi maintained that this is the reason the company is reassuring cardholders in the country that the level of security that exists online now on its payment platform is higher than before, adding that even in the event of card details of an online customer got stolen, the Verve card cannot be “cloned” unlike before.

Remmy Nweke

ITREALMS Online ... delivering news for ICT4D


Jean Davis said...

This is certainly a good news. With all the frauds and card hacking going around, it's really scary doing transactions now using the internet.

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