Belarusian banks encouraged to improve safety of online shopping

The National Bank of the Republic of Belarus recommends that Belarusian commercial banks should improve the protection of clients that make cashless payments online, BelTA has learned.

The international payment systems VISA and MasterCard use the 3D Secure technology to offer mechanisms to identify holders of payment cards. For instance, in order to pay for products or services on the Internet, a card holder has to enter the password texted to the card holder by the acquirer bank. Such measures allow minimizing the risk of unauthorized withdrawal of money from client accounts.

Plans have been made in Belarus to introduce the zero liability principle for holders of payment cards. With this in mind the NBRB encourages commercial banks to implement the identification mechanisms provided by VISA and MasterCard. Those, who have not been certified by the international payment systems to use the 3D Secure technology, will have to notify Belarus’ central bank about their further actions meant to bolster the protection of clients that pay online with bank cards.