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22/10/2006 : New antifraud system : SMS PIN validation

Paysite-Cash is proud to announce the set up of a new security system that has the purpose to reduce the fraud attempts. It is called “SMS PIN validation”.


The basics :

This system is based on the principle of a direct connection between the credit card used for a transaction and the real beneficiary of the transaction. With this “SMS PIN validation” system we reduce to maximum the attempts of fraudulent use by adding a connection that, from legal point of view, makes easier to reach the person behind a transaction then through its IP address or e-mail address.


How it works :

A credit card holder tries to make a payment on a website. If the website uses “SMS PIN validation” system he must type his mobile phone number, also. A SMS containing a PIN code composed of 4 figures will be sent to him, automatically. In between, the transaction is placed on the waiting list and once the holder types on the website the PIN code, the transaction is automatically unblocked. All other classical antifraud systems are also executed.

In order to make sure that no reduction of sales volume will occur because of the fact that the credit card holders might not be willing to give their mobile phone numbers, Paysite-Cash contacts the credit card holders in 15 minutes proposing an alternative validation procedure.


Options :

This service also offers :
- a revalidation option after X months. It means that a credit card holder shall retype the mobile phone number after X months.
- a verification option after exceeding X EUR of expenses on a website, this will allow the verification of holders that spend a lot and consequently they represent a certain level of risk.


Recommendations :

This service is strongly recommended to webmasters delivering physical products to unknown clients and also to webmasters delivering their services on-line, where clients are required to pay several times (reload of their accounts).


Price :

This service costs 0.15 Euro / SMS and its activation is optional.

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