Introduction
The increase in the use of online payments by banks and other e-commerce systems arose from the introduction of the 3d-secure system. The authentication system was created by visa using protocols to enhance sufficient online businesses and payment methods. This is mainly done using the master card secure code and verified visa systems. These systems operate by use of password control in order to complete online business transactions.
Currently, 3D is the most used single sign-on system globally thus beneficial to the modern business world. However, the system has experienced a rise in internet crimes causing criticism towards its efficiency. The system has been criticized by several authorities and governmental organizations for protecting the victims of the increased flaws in e-commerce crimes. This paper tries to assess the benefits of using the 3d-secured system and its disadvantages.
Advantages for using a 3D secure system
There is a wide range of benefits associated with the use of 3D-Secure systems in the business world. One of the major advantages of a security system is based on the fact that the enables online payments and business transactions such as shopping and purchases at a faster rate. The transactions are made simply by use of either debit or credit cards from different parts of the world. This is achieved using authentication technology because; 3D uses XML protocol based on the encryption of SSL to pass on information.
The use of 3D greatly reduces the risk of fraudulent activities associated with online shopping and banking since the protocols ensure privacy in communication between customers and the main server. There is a reduction in the loss of credit and debit cards and their misuse because it is an online transaction that does not involve risks to the accessibility of cards to many people. 3D system is further aimed at cutting down the enormous payments involved in making transactions by other means.
Another importance of using master cards secured and verified visa systems in internet banking and e-commerce is their ability to protect the customer’s accounts. The use of cards has to be confirmed by the management before authorizing the customer to access the transaction. The customer has to provide correct security codes and passwords before carrying out the required businesses or facilitating bank transactions. The use of security codes provides safety aligned with fraudulent losses, which are mostly encountered in other means of e-commerce. This ensures the security for banks and merchants towards losses due to internet crime.
Employing the use of master cards in the current business world has greatly influenced the flow of businesses since customers are fully satisfied by the services provided on transactions without traveling long distances. It has faced out the trend of people standing in long queues waiting for service delivery. For this reason, transactions can be simply carried out online. The satisfaction of consumers has thus led to the development of major businesses hence a stable economy due to increased business transactions taking place all over the world using this means.
3D secured system is an important tool of technology in modern society because product vendors and suppliers carry out their duties without much hassle. The businesses find it easier and safe to carry out global transactions by accepting international cards via online technology. This is due to the security provided by encryptions hence safety and education in cyber crimes towards e-commerce. Transactions carried out using verified visa and master cards have also seen the move of financial liability from the business towards the customers. This is essential because customers are awarded responsibility of their accounts.
Disadvantages of 3D-secure system
Despite the advantages of visa verified and master card secure, there are several limitations towards the use of these systems in business transactions. Firstly, the enrolment of master card users experiences a slurred process due to the distances involved. This is because their branches are not well distributed across the world and accessibility is limited. Due to this, a 3D secure system is faced by a lack of shared authentication between the consumer clients and the administrative server which authenticates the whole procedure. Poor knowledge on the use of the internet, master cards, and visa verification has also been a limitation of the 3D secure system. This arises from the failure of clients to tell the genuine company sites from possible criminal websites.
3D- security is also faced by limitations in purchases because the improvement of security tends to decrease the percentage of sufficiently finished transactions. This is due to insufficient communication between various companies and the customers involved.
The customers do not have ample information on the use of 3D systems nor do they have ideas of what it is. Therefore, enough information needs to be given to attract more consumers to improve the sales. This is also associated with merchants who give their customers a number of passwords and security codes to be memorised for use with cards. Since these cards are used to confirm transactions, the customers end up walking around with them. This exposes such customers to fraudulent risks.
Several people who are interested in using master cards have a problem recognizing them on websites since some companies place their 3D requests in hidden places. Places such as bottom of the page or small icons and corners prove difficult for the customer to locate hence loosing customers. This is further related to browsers with complex domains that are not understood by willing customers.
Conclusion
The use of visa verified, and master cards are a vital necessity in the modern world of businesses. This is seen from anti-fraud benefits realized in banking and e-commerce. On the other hand, these systems experience a wide range of shortcomings. To ensure clear online transactions using 3D systems, the shortcomings should be put into consideration and dealt with accordingly for smooth business transactions.