My card was fraudulently used to make an online purchase. CIMB bank that issued me the Mastercard managed to only stop some of the transaction by calling me to verify but a couple of others went through and now CIMB is saying that I am fully liable for the amount charge. Its a few thousand ringgit.

They claimed that I am the one that made the transactions because the password and question was correct. This is using their Mastercard Secure code. However I did not make those transactions and neither did I tell anyone about my password or written them down anywhere. But CIMB insist that everything is secured and therefore I am liable.

Upon checking around the Internet, I found out that these 3D Secure methods are not safe and the only reason why banks implemented them to is safeguard themselves from chargebacks and to pass the blame to consumers.

Here you can read more about it - read especially the last pdf document
http://www.xomba.com/verified_visa_and_mas...are_they_really

http://www.schneier.com/blog/archives/2010...e_creditde.html

http://www.cl.cam.ac.uk/~rja14/Papers/fc10vbvsecurecode.pdf

Obviously this 3D Secure is not safe! I can tell you first hand that it is not safe. I check all my several years of records with CIMB card and I have only made 6 online transactions with this one card. And only two of the transactions uses Mastercard Secure which happens to be TMOnline (telekoms). Most online store especially in the USA havent even use 3D Secure features yet.

To sign up for 3D Secure, you need to signup online on the Internet which we know is not a safe place. Anyway if you havent signup for this security feature, I ask you not to cause once you sign up and if there are any fraudulent charges, the liability is all yours.

I have now block all Internet transactions from my CIMB card and will never sign up for 3D Secure.

This post has been edited by idoblu: Aug 13 2011, 01:18 PM

Gen-x please highlight this in your blog to warn others

Not write about my case but write about the dangers of 3D Secure like MasterCard Secure and Verified Visa

I've just received the good news that my case is now cleared. I was also informed that they had similar cases from the same online merchant.
So what they told me about MasterSecure and Visa Verified cant be hacked is not true. This is proof.

I urge you all never to apply for these two security features as not only they are not safe but you will be totally liable for them. Another alternative is
use your Amex card to shop online. Their exchange rate is a couple of percent higher but at least you are not liable for any fraudulent charges.

the merchant is in Finland. I think the name is called GSM Store

yes, read here under Online Fraud Guaranteed - http://www.americanexpress.com.my/amx_info...CB-CardBenefits

You're welcome

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Added on September 29, 2011, 3:34 pmSo far I've only come across local site and Japan using 3D secure. US sites I never had to enter any password.
From now on, if a site requires it, I rather not buy or use Amex or Paypal. One time kena this, is enough for me.

This post has been edited by idoblu: Sep 29 2011, 03:34 PM