By Joe Taylor Jr., CardRatings contributor
Updated, November 10, 2010
officials announced the launch of SafeKey, an online security
service that helps prevent fraudulent e-commerce transactions. The service may
seem familiar to Visa
cardholders, since it uses the same "3-D Secure"
technology the powers the popular "Verified by Visa" online security service.
3-D Secure verifies a credit card user's identity by confirming personal
information across three distinct Internet domains. Typically, an e-commerce
transaction requires information to pass between two domains: the merchant's
website and the customer's bank. 3-D Secure adds a third layer of protection by
pausing a transaction until a customer provides a password or other key
information on an additional website.
For American Express and Visa
credit card holders, registering for 3-D Secure requires submitting a key piece
of information shared only at the SafeKey or Verified by Visa website. With more
online retailers supporting the technology, identity thieves have fewer outlets
for phony credit card transactions. American Express officials told reporters
that they planned to roll out SafeKey for customers in Singapore and the UK in
November, with a global launch timeline to be determined.