The solution to credit card fraud world-wide is for Visa, Mastercard etc to emulate Nigeria's Interswitch ATM/Debit card. It is one card I have worked with that is 100% fraud-free. The simple reason for this is that the card works as an ATM.

Whether you are drawing cash from the ATM, paying a merchant for a physical purchase, or paying online, you are always prompted for your secret PIN.

The PIN!! That's the answer! Even if some crook stole your card, it is very unlikely they steal your PIN.

It has worked wonderfully so far in Nigeria.

www.Prepaidnigeria.com - A better way to recharge.

Visa and mastercard have already implemented this in Belgium (and I guess in many other countries as well). Nothing new

Do not assume that they will not know your pin. I won't enter into details here - I might give some people unsavory ideas - but it can and has been done.

The PIN!! That's the answer! Even if some crook stole your card, it is very unlikely they steal your PIN

Very Wrong Sir!

With the art of "phishing", crooks don't need to break their head stealing your info, they just remake interswitch website and trick u into reentering your details (including PIN)...bingo!!

I guess egold still operate the most secured conline payment method where u have the choice of include your IP in your settings...which means transaactions can only take place on your computer.
Its not easy masking IPs and u can't use anonymous IP. So i prefer egold. They also have a card linked to the acct. I keep my money in e-gold. Very convenient.

Better still phising has gone into new dimension. In the UK alone is cost the system £billions every year. Like layi said some guru can attack a website with packet flooding and put it down for a while and redirect traffic from that website to their own dodgy site and get your information.

The new one I guess is to install an illegal ATM (Automated Teller Machine. An unmanned electronic device that performs basic teller functions, such as accepting deposits, cash withdrawals, and account balance inquiries.) machine and simply read your card details. It will not tell you that it has ran out of cash like some legal one do. It would allow u to put ur card and read off the information and simply tell you that it has ran out of cash and someone in Zurich will be shopping electronically with ur details. Beware and always take insurance on ur card(s)

Always check the site certificate and that it has a key locked at the bottom right hand corner. Every ecommerce website redirect their potential customers to a HTTPS. Let me explain:

Look in your Address/Url (Uniform Resource Locator) like in nairaland.com has it full address as http://www.nairaland.com. If Nairaland has an ecommerce it would redirect you to a secure protocol i.e https://nairaland.com notice the "s" after "http" that stand for secure and most of these dodgy people do not have it, even if they do could not afford to have a certificate of authority to hind their illegal activities.

PrepaidNG,

Are you trying to say that Interswitch is better than VISA/MASTERCARD, a global institution in itself. The pioneers of EMV standards across the world?? Have you heard of the VISA business school? I'm not sure I'm reading you right O.

Have you heard of CHIP & PIN?? This technology was pioneered in France by VISA in the late '90's. I don't think Interswitch was "born" then O. It's now being deployed across the Globe on all card infrastrucures.

So pls let's try and put thing's in perspective, VISA/MASTERCARD are age old, tried and tested institutions, let's give credit where it is due. No system is 100%, believe that. When a system becomes a target of fraudsters they will always try.

So let's not get too carried away here, there's absolutely no comparison and no one should tout their payment service as better than VISA or Mastercard.

Thanks


NETICASH

www.neticash.com - your trusted online payment service for Nigerians

PrepaidNg,

Interswitch is no way near Mastercard in terms of everything but the focus on Nigeria.

Do not spread misinformation here abeg.

PrepaidNG,

It's good as a Nigerian to proud of what we have afterall we r stil. developing. I'll give it to interswitch anytime anyday anywhere cos they have brought to us a dream that once resided in our land of dreamy dreams.

Albiet Visa/Mastercard are doing just fine meeting the basic needs of their estimed customers, i still appreciate Interswitch for what they are doing.U can imagine how much they have helped combat frauds in the banking system and bringing into captivity the long and never ending queues in banking halls.

Interswitch is it.

that interswitch is no where near mastercard is a very ignorant statement. today mastercard transactions in nigeria are routed through interswitch. the chip and pin system you guys are seriously touting was launched in 2001 about the same time interswitch started and that is the technology they have operated on since day one , magnetic stripe and PIN , where the PIN is the security. if you had the slightest idea of the internal workings of the switch and the webpay solution that allows for web payments, the security and checks that have been put in place even to reduce phishing to the nearest minimum you would swallow your words.

the fact that mastercard, europay and visa have been around eons ago does not mean that they are far better than a switch that started yesterday, chances are that techologies they have built and enhanced over centuries could be adpoted by a payment system that started yesterday. however interswitch's infrastructure is EMV compliant.

we should do a little more research and make our deductions based on facts not on emotions and baseless talk, that way our arguments can be more objective.

for a financial switch to operate in "Nigeria" and be sucessful. they must have done MORE THAN ENOUGH WORK!!!!

Please i need a site where i can buy like books, and gifts with my ATM card. please post here.
best reagrds

Finally, i've got it here are some site to buy/pay with your ATM card

www.1000carsales.com
www.christembassyonlinestore.org
www.eastickets.com
www.flydomesticonline.com
www.dcltelecom.com
www.rechargenigeria.com
www.fotonigeria.com
www.setdastage.tv
www.shopforless.com
www.prepaidng.com
www.computerport.biz


visit here for more sites:

http://www.interswitchng.com/you/locate-e-commerce-sites.aspx

PIN usage is nothing new. Interswitch is not the answer to online fraud the way you're putting it.
Interswitch phishing emails are common these days, designed to make people give-up their PINs to scammers.

believe it or not visa/mastercard are part owners of interswitch and interswitch is affiliated with nigeria interbank settlement system (NIBSS) that handles local and international wire transfers.

Don't forget Nairahost Nigeria. Hehehe

There is nothing special interswitch pin useage over time fraudstar have been able to scam card to reveal their pin when talk though interswitch has been able to set the pace for online payment but then it can not be compared to VISA AND MASTERCARD

I'm sure PrepaidNG must have swallowed his words cos of the rate at which Debit Card Fraud is being carried out on his website by Phishers.

I can authoritatively state that Interswitch is not making profit as we think due to the high rate of ATM Card fraud. They are still surviving because insurance companies under write most of these losses.

If the true state of the ATM card business is known to the public today the use of card will suffer a huge setback trust me.

From day 1 I have maintained that is is wrong for Interswitch to tie a card that could be used online to someone's primary account, way too wrong and senseless.

@ sbucareer

longest time, is it good how u left us. my2cents, he's the one i was tryin to recall.

pls cld u discuss on how to use https

a guy on phones section once said he was hackin recharge sites usin pple's pins for credit
he stopped cos fellow forumites asked him to as they also used recharge sites

is there any safety at all wt jobless gurus around

@Afam I think you have just gotten the point. Interswitch, Master Card, VISA, Discovery etc all have exquisite security implementation on their platform. The rule is security is never 100% secure. It was created by someone and so therefore can be compromised by someone.

The test of security is the amount of time and resources required to compromise the system. Is it worth it? Why do we still use padlocks and door locks today to secure investments? are are secure? haven't they been broken in the past.

Maybe for the problem of spoofing, phishing, social engineering and reverse engineering is not a problem of the network or switch platform alone. The user needs to play his role.

The only challenge I see here is linking electronic cards to bank accounts without end users controls. Thats a big problem and the fraud on the web has eaten deeply into the purses of ignorant Nigerians.

There is a solution coming up soon, in a couple of weeks. Keep your ears open.

In the meantime, please check out this site and send your feedback to them www.wishstop.com

opk22000:
, The only challenge I see here is linking electronic cards to bank accounts without end users controls. Thats a big problem and the fraud on the web has eaten deeply into the purses of ignorant Nigerians.

There is a solution coming up soon, in a couple of weeks. Keep your ears open,

Please let us in on the solution. I am sure it is out by now a full year after your quoted post

this what i saw inside my box ,mail snd to me by so call interswitch .fraud mail or what interswitch
pls kindly respond to this




Dear InterSwitch Card Holder,

During our regularly scheduled account maintenance and verification exercises, we detected a slight error in your account information.

This might be due to either of the following reasons:

1. A recent change in your personal information; (i.e. change of address)
2. Submitting invalid personal identification number (PIN) when initiating transaction via ATM and POS machines.
3. An inability to accurately verify your selected option of payment due to an internal error within our processors

Please update and verify your information immediately by clicking the link below:

http://www.interswitchng.com/you/index.aspx

Failure to update your account information may lead to restriction in use and access of your account via Online,POS and ATM machines.



N.B (Card Number (printed on card issued by bank) and Pin are numeric. Refer to your Debit or Cash Cards)

.
Thank you for using interswitchng.com!
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Hi this ignatius paul from rivers state nigeria plz i want you ro text me how to recharge online with my debitcard thank you.

PHONE:2348078878781

i need bank account information in usa

the poster "thinks" a card's PIN can't be hacked. mr poster we will live in a cold world. a very cold world.

an atm card could be clonned with the card serial num alone... So be wise

Pls someone should help o, how can I contact interswitch? bcoz dey ve chop my moni