What Is the Purchase Protection Policy With Visa?

Since credit card holders are at risk for identity theft, phishing and online scams, purchase protection is an important feature. Visa offers a security program to ensure that card users will have purchase protection. The Purchase Protection Policy is composed of several programs set in place to protect a Visa card holder.

Zero Liability

When using your Visa card to make purchases, you benefit from the zero liability program. This program removes all liability from you in the event your account is compromised. When you report unauthorized purchases to Visa, they will be removed from the account and you will have zero liability.

Fraud Monitoring

Visa uses a screening process to issue an alert to the issuing bank if suspicious activity shows up on an account. The bank will then contact the card holder. The system constantly updates cardholder data so future purchases can be evaluated against the most current profile.

Verified by Visa

Shopping online can be made safer for Visa card holders. As part of purchase protection, you can set up a personal password for online purchases. After enrolling in Verified by Visa, all merchants that display the Verified by Visa symbol will require the password. Only the card holder with the password will be able to make a purchase; otherwise it will be denied.

Security Code

Visa utilizes a security code system for phone and Internet purchases. When you shop by phone or online, you are required to verify the three-digit security code on the card. This is sometimes referred to as the "CVV2 code." If someone tries to use the card without the code, the transaction is denied.

Identity Theft Assistance

In the purchase protection offered, Visa partners with an identity theft consumer network called Call for Action. This company helps a card holder regain his identity if his personal information is compromised.

References

• Visa: Visa Security & Protection
• Call for Action: Identity Theft