Just noticed today that Google Checkout does not require you to put in the password that is required by both Visa (Verified by Visa) and MasterCard (MasterCard SecureCode).
I was able to connect a Credit Card with a Google Checkout account and shop using it without the need to put in the password!
This was awfully weird and scary.
i guess if the passwords are not required on international payment gateways, the so called security measure becomes useless. because most frauds are likely to be committed on international sites so that it becomes hard to recover the lost money.
The RBI regulated that external verification be used for payment gateways in India. They can't force international players to do the same because it's outside their jurisdiction.
From what I know a lot of fraud is also done with air tickets and online shopping (ebay, etc.) in India. It is at least an effort to prevent abuse.
External vertification (VBV, MSC, etc.) are legally required by every online card processor in India because of RBI regulations. However, I recently did a credit card transaction with an Indian processor which didn't use MSC so the regulations might have changed or the processor was at fault.
The regulations/laws regarding verification are not the same in other countries/areas. I once did a credit card transaction (with a card issued by an Indian bank) without entering the CVV number and it was approved in the US.
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