this was posted on another board from epoch... sounds really fucking good for all of us
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Well both VISA and MC both have new programs either in production (VISA) or still in development (MC). I am sure you have heard of the VISA program which is call Verified by VISA or 3D secure. In a nut shell here is how it works. Basically a cardholder registers with their issuing bank and is given a password to use online with merchants who are 3D secured enabled. At the time of purchase at a website an additional popup window is spawned which connects the cardholder to their issuing bank, they enter their password and if it matches then the merchant is given a response back from the issuer that this cardholder is in fact the true owner of the card. So basically what this process does is create a card present transaction in a card not present enviroment. MC basicially works the same way and the name of thier program is SPA.
What are the benefits. Starting April 2003 if you complete a transaction where the issuing bank has verified the cardholder then the transaction CANNOT be charged back as they are now. Better yet, if we as a merchant attempt to get this authorization from the issuing bank and their system is down or they do not support this program then they still CANNOT chargeback.
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cool, huh?