Well over a year ago I wrote about how stupid the Verified by Visa program is. Apparently the mainstream press have now caught up as fraudsters gear up to exploit this fantastic piece of security design. I particularly like the claim from a UK Cards Association representative that VbV reduces fraud (at around 2:30) – immediately after a victim explains that her bank refused to even investigate the possibility of fraud.
This is, of course, in line with the modern banking strategy for fraud: shift all blame to the customer.
Image may be NSFW.Clik here to view.
