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New Security for Credit Cards

By: Mark Freedman, Monday September 13th 2010
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According to a report in the EFYTimes, the technology news portal, Tej Kohli the CEO of Grafix Softech has announced a new product aimed to guard against charge backs in credit cards experienced at online casinos. Online credit card transactions are also known as CNP (card not present) transactions because the card has not been physically presented to the vendor.

Credit card charge backs occur at online casinos when the credit card owner cancels the transaction of making the deposit at the casino. Sometimes the player is the rogue who does this to avoid paying for the deposit. Meanwhile if he is able to withdraw funds from the online casino he gets hold of funds at the cost of the casino. However, the main reason for charge backs is misuse by third parties who have gained access to the player’s credit card details.

It is the second type of charge backs that is the focus of Kohli’s endeavors. EFYTimes reports that Grafix Softech will use 3-D Secure protocol, which adds another layer of security to ensure that the real owner of the card is initiating the online transaction. This technology is being used by Visa in its Verified by Visa system and by MasterCard in its Secure Code system. It has been estimated by independent experts that 3-D Secure protocols can reduce the amount of fraud by up to 80 percent.

Speaking about his system to EFYTimes Kohli said, "Both consumers and merchants in this [online gambling] industry, where sums either spent or paid out can be large and occur with frequency, need utmost confidence that online transactions will be processed safely and efficiently. That sense of security will bring in new sales, keep existing customers coming back and, on a concrete level, lower the chargeback fees casinos pay out." Kohli added that his solution can be easily integrated with existing payment processing systems used by online casinos. He cautioned that as the online gaming industry grows rapidly so does the risk of fraud. Hence just keeping pace with the requirements is not enough. Designers have to anticipate problems and take care of them upfront.

The ‘D’ in the protocol stands for domain. There are three domains, which are the merchant to whom the money is being paid called the Acquirer Domain, the bank that has issued the credit card called the Issuer Domain and the infrastructure provided by the credit card scheme to support the 3-D Secure protocol called the Interoperability Domain. The protocol ties the financial authorization process with an online authentication. The system builds in financial protection for charge backs which ultimately are paid for by the player in terms of financial costs for owning and using credit cards or costs for wagering at the casino. If charge backs are significantly reduced the player will be the ultimate beneficiary.

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