With e-business growing rapidly, concerns about security are increasing right along with it. With that in mind, Visa U.S.A. is implementing 10 new security rules for internet transactions involving their cards.

According to Visa U.S.A., the highest source of Internet-related telephone and mail-order sale frauds in 1999 were due to stolen account numbers. Visa, the world’s largest payment card network, is combating such online fraud by setting ten new security rules for Internet transactions. Some of the safety features include: assigning individual identifications to persons with computer access to data; setting up a “firewall” for the protection of internet accessible data (which should be seen worldwide over the next year); and regularly monitor compliance, test and update security systems. Visa is encouraging merchants that accept Visa cards to uphold their rules.

Last year, 2 percent of Visa’s card volume involved online purchases, so one of the primary goals of the new regulations is to encourage consumer confidence in electronic commerce. John Shaughnessy, senior vice president for risk management for Visa, said, “If you’re a merchant, this is stuff you want to do. It’s just good business.” In addition, with the new regulations set up Visa estimates the 2 percent activity of total online purchases will reach 10% by 2003.

Angela Grothoff, a Visa spokeswoman in New York, states that with more businesses buying online, “Visa is in a position to really impact the security of online commerce.”

Source: Visa Sets New Rules for Online Purchases
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