Verified by Visa, as the service is known, increases security and confidence for CIBCs customers who shop online and reduces the risk of fraud for the card issuer and participating online merchants. CIBC is the first major Canadian bank to allow its Visa cardholders to sign for online purchases with a secret password. The institutions improved fraud service is delivered by TSYS and powered by Cyotas SecureSuite, which is a fully integrated component of TSYS CardGuard, the industrys most comprehensive fraud services system. CIBC is Canadas leading credit-card provider with the largest market share of outstanding balances and purchase volume. TSYS services more than half of all Visa accounts in Canada, and Cyotas SecureSuite is used by seven of the top-12 issuing banks in the United States and UK. Heres how it works: Verified by Visa authenticates cardholders at the point of purchase by prompting cardholders to sign for their purchase with a private password thats entered in a pop-up window on their PC before the Internet transaction is approved - much like the familiar PIN thats required at an ATM. The extra step assures customers that their accounts are protected. And by knowing the customers identity with greater certainty, the bank and participating merchants avoid the risk and expense of potentially fraudulent transactions. Cyota has improved the service for Canadians to include bilingual support for CIBCs English- and French-speaking customers.
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