Comment by LorenPechtel
3 years ago
True, but we don't always get the balance right.
Take, for example, many sites asking for the CVV code when using a saved card. In many cases, why?? If I supplied the CVV once and I haven't changed anything since what's the chance a subsequent order is fraud?
There's also the problem that some anti-fraud measures would have to be implemented by the credit card company but they're not the ones that eats the cost. I could see a market for a credit card with better terms but where you must approve every transaction with an app on your phone--but how do you make that work in the current marketplace?
I have a credit card that supports virtual numbers--but it's a pain to use. Their benefit, but a hassle for me.
> True, but we don't always get the balance right.
Agreed :)
> Take, for example, many sites asking for the CVV code when using a saved card. In many cases, why?? If I supplied the CVV once and I haven't changed anything since what's the chance a subsequent order is fraud?
As a fraud risk manager, I've seen this scenario way too often: Say you have your card saved on a merchant website - fraudsters can often compromise your login on said merchant site and go on a spending spree with all your saved cards (unless you ask for a CVV from time to time, that is).
Spending spree on what? What do they gain? You ask for the CVV again if anything changes about the delivery.
>I have a credit card that supports virtual numbers--but it's a pain to use.
I just got an email from Capital One pushing me to link my card with Google Checkout because it would use a virtual card number for each transaction.
The merchant is not allowed to store the CVV in its database. Need it every time.
No, it's quite possible to do a card transaction without the CVV, it's just considered higher risk. However, once a customer has shown they're real and it's shipping to the same address the risk is much lower, the chance that the card is stolen is minuscule.