A new anti-fraud password system for credit and debit card payments will encourage retailers to sell online according to Visa. Visa senior e-commerce manager Lorraine Evans said: "We have been consulting with online retailers including Wal-Mart and they are all delighted. The system could save UK retailers £55m a year by preventing fraud." The verification software, being piloted by banks and payment service providers, asks online shoppers for a password. Retailers will not be responsible for bearing the costs of disputed transactions. Evans said some 13,000 online retailers across Europe have agreed to adopt the new system. Visa is predicting the system will cut e-commerce disputes by 80%. At the moment there are 15 times more cases of dispute arising from online sales as from face-to-face sales. Visa also plans to cut down on fraud in store with trials of a facility where customers type in a pin number at the till. This is due to start next year, for implementation across the UK in 2004. {{NEWS }}