Hello all,
I have seen some conversations about the password for credit cards and how it would affect the credit card payments. Since I have worked in some projects for MasterCard gateway, allow me to illustrate how it works
both Visa and MasterCard are one payment gateway, so what applies on one applies to the other. There is a security concept called "3D secure" or "verified by visa" that currently most CC bank issuers use for more security. This concept gives the card holder a password that is different than the CVV to use for online transactions.
The purpose of this password is that the card holder enters on the MasterCard gateway when performing an online transaction (it is not entered on the merchant site but you will be rather directed to your bank gateway to enter it).
The main idea behind this security concept is that the merchant waive any possibility that the card holder complains about the transaction and asks for chargeback, this is because the card holder entered a password on Mastercard site and Mastercard verified that the password is correct.
Whether this concept is used or not, is up to the merchant, most merchants will use it as it is more secure for their business but some don't
By experiment, CIC does not used this concept. They can't even ask for the password as it is illegal for a merchant to know it and should be from CC holder to MasterCard gateway directly.
I believe the reason behind this is that CIC has nothing to lose, it will charge the CC, and if any dispute rises on the transaction, it will simply chargeback the CC and send the file back.
so in short, it is safe insha'ALLAH to use a CC even it is enrolled in "verified by Visa" of "3D Secure"