Enhanced verification
A technological process that combines standards, mechanisms, and clear principles that make it possible to ascertain at a high level of certainty that the payer is the owner of the card.
In general, it is very important to protect your information and means of identification and not to share them with anyone else. In particular, do not share your identifying details that enable another person to impersonate you or to execute enhanced verification in place of you. These include passwords, PIN codes, one-time passwords (OTP), or access patterns (such as those used to access your cellphone).
No. ID numbers and credit card numbers are not recognized as identifying details for the purpose of enhanced verification. If someone else uses them, that person will not be able to make a transaction in your place. In contrast, a PIN code or password are recognized as identifying details, as part of the “Somethings that is you” category. You must therefore be careful not to give them to anyone else whom you do not trust.
The law requires enhanced verification for transactions in which an authorized debit is created (for instance, when registering for a parking application). For other types of transaction, enhanced verification is allowed, and subject to the considerations of the business owner.
In recent years, there has been significant development in the field of payments in Israel, which has led to the development of a variety of innovative means of payment. The enhanced verification mechanism prevents the falsification and misuse of your credit card. The mechanism protects you as customers, as well as businesses, from fraud and loss.
In recent years, there has been significant development in the field of payments in Israel, which has led to the development of a variety of innovative means of payment. The enhanced verification mechanism prevents the falsification and misuse of your credit card. The mechanism protects you as customers, as well as businesses, from fraud and loss.
The payment card committee was established to serve as a platform for advancing professional and technological matters regarding modes of operation and rules for carrying out transactions in the payment card system. The committee serves as a consulting body for the Supervisor of Payment Systems at the Bank of Israel in its function to ascertain the efficiency and stability of the payment systems in the economy. The committee is comprised of representatives of the various participants in the payment card market—SHVA, the banking corporations, distributors, manufacturers, merchant acquirers, and issuers.