Retailers back online security scheme

Wednesday, 11 June 2003, 2:21 PM EST

Companies including HBOS, Lloyds TSB and Opodo have signed up for the Verified by Visa scheme, aimed at improving consumer confidence in online shopping.

Visa has confirmed that over 4,000 European retailers have now signed up for the initiative, launched in April 2002, alongside 30 acquiring banks (that retailers work with) and 35 issuing banks (which consumers use).

Verified by Visa is designed to improve security for retailers, while boosting customer confidence in online shopping. Customers get a Pin to use online alongside their credit card.

Dave Cooper, head of card fraud at Lloyds TSB, said: "We have been looking for some years for a solution for both card holders and merchants that is user friendly and not too complex.

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