In the business of the transfer of funds from one place to another due to the ease associated with sending using debit cards and credit cards as well as the ease of sending money from your loved ones from one place to another there is  a  lot of risk associited with making payments using debit and credit cards.Credit card fraud is identity theft in its most simple and common form,Have you ever eaten at a restaurant, paid with a credit card, and forgotten to get your copy of the credit card receipt? Did you know that many of these receipts have your credit card number printed right there for anyone to see (and use)? And, if you’ve signed them, your signature is also right there for someone to carefully copy. This can lead to the most simple form of identity theft. With this bit of information, some unscrupulous person can be well on his way to making purchases either by phone or on the Internet using your credit card number. You won’t know about it until you get your statement (a good reason why you should always study the charges on your credit card statements!).

Sending money from the UK therefore requires one to use secure methods of payment to avoid fraud.Sending money with companies like mukuru.com has proven to be more secure.They will carry out a variety of security measures before processing these payments.Firstly would be registration of the card by the sender on the website.The copy of the card reflecting the name but with the card numbers covered is also requested,after this has been done seperate from the transaction being made a small amount of less than GBP2 is also deducted from the card and the sender also has to verify the card after requesting a statement from the bank to confirm that he or she has been debited with another amount.After confirmation of this mamount the tcardv is verified and now can be used to pace order.This means the card has gone through security checks and is now secured its also an added bonus if the cardalso has the 3D secure feature.

Three Domain Secure feature (3D secure)

Internet transactions are classed as ‘cardholder not present’ (CNP) transactions. Until recently, there was no easy way to identify a cardholder and confirm that it was indeed the legitimate cardholder entering the card details.

A significant proportion of chargebacks can arise as a result of the cardholder denying that they authorised a transaction. It is traditionally very difficult to successfully appeal against this sort of chargeback. The 3D Secure technology is designed to reduce the possibility of fraudulent card use by authenticating the cardholder at the actual time of the transaction and subsequently reducing a merchant’s exposure to disputed transactions and chargebacks of this type.The payment industry’s internet authentication standard which has been developed by the major card associations. Visa has called their version of the scheme ‘Verified by Visa’ and MasterCard have called their equivalent initiative ‘MasterCard SecureCode’. These are both collectively referred to as 3D Secure.

Advantages of 3D Secure

  • The key attraction to receivers of payments is that once a cardholder registered with the scheme has input their correct 3D Secure password during a transaction and this has been successfully authenticated (and providing that they are acting legally), the liability of a chargeback arising from the cardholder denying that they authorised the transaction, should shift from the receiver to the cardholder’s issuing bank.
  • If a customer is not yet registered with the scheme, the fact that the transaction is checked by PayFast for 3D Secure compliance should give similar protection from the customer denying that they processed the transaction (providing the customer’s bank is participating in the 3D Secure scheme).
  • Increased card holder confidence, leading to increased sales. Currently, around 50% of cardholders have not participated in an electronic transaction*. A huge potential market to unlock!
  • No additional fees.

Therefore when carrying out these card payments in this particular case sending money home it is key to ensure taht your credit or debit cards undergoes the security checks that are necessary.