Yes the CVV number should be dynamic and I beleive at least 4 digit. It would be nice if the CVV number could be changed or is changed after every single transaction with some algorithm may be and the new CVV no. that is generated is SMSed or emailed automatically.
Why the bank people needs to print the card number and the CVV number on the card.I think card holders name is enough on the card.Regarding security sake bank people should provide the option to block the CC on line. so that CC holder can block the card immediatly if he found any mistransaction has happend
I think we should make the CVV as a dynamic number. It could be based on some parameters which could vary every day or month or week or year or for that matter any other parameter which we can think of(ex., usage count of the credit card). The 3 - 6 digit number could be arrived based on some function or formulae which will be shared between the card holder and the bank.
This way, even if the cvv number gets known to the wrong hands, they will be able to make use of it only for limited time.
To avoid fraud CVV should not be printed on the back and it should come as ATM PIN comes along with kit. CVV number should be at least 6 digits not 3 digits and during any transaction one SMS should come to the Card Holder's Cell Phone and when he sends back his permission then only transaction should take place.
RE:Credit Card frauds
by Deepak Vasudevan on Feb 01, 2007 06:42 PM Permalink
We need to scratch off all details after reciept of credit card after noting down the CVV number in a safe place.
RE:RE:Credit Card frauds
by Balaji Pitchumani on Feb 01, 2007 10:52 PM Permalink
Absolutely correct, Deepak. Merchants are very cunning that they catch and see the backside only now.
RE:Credit Card frauds
by Lakshman V on Feb 01, 2007 06:01 PM Permalink
The SMS option is not feasible. 1) A lot of transactions happen online. Who will spend money on international SMS? 2) It is not feasible to wait for an SMS when you are buying in a shop or paying for dinner 3) Most cards are international credit cards and are used abroad. SMS is not possible here as well.
RE:RE:Credit Card frauds
by RAVINDER SINGH on Feb 01, 2007 06:42 PM Permalink
sms option is not practical but bank can call the customer on his/her cell phone & can charge the customer for call.This way,its still cheaper than being charged for any fraud transaction. regds/Ravinder pal singh
RE:Credit Card frauds
by Anupkumar BhaskaraPillai on Feb 01, 2007 07:41 PM Permalink
Infact I think, CC companies want this misuse to happen. Else, why the hell shd they be printing the CVV on the card??! Cant they stop that practice the moment they have realised abt the possibilities of misuse thru online transactions??! Is it such a complicated concept to understand??!
RE:RE:Credit Card frauds
by Kingshuk Banerjee on Feb 02, 2007 09:45 AM Permalink
It is true, CC companies are having a hard time pushing credit cards and making money out of it. So a misuse is actually good for them.
To avoid fraud CVV should not be printed on the back and it should come as ATM PIN comes along with kit. CVV number should be at least 6 digits not 3 digits and during any transaction one SMS should come to the Card Holder's Cell Phone and when he sends back his permission then only transaction should take place.
RE:Credit card frauds
by ravinder kumar sharma on Feb 01, 2007 06:50 PM Permalink
user should be able to change the CVV number just like his 4 digit PIN number if he feels that it is disclosed by mistake
I would like to go by what Mr Pradeep Patel has written NOW TO AVOID THE CVV I feel that one can blank by using black ink in the present card .this will help in such fraud
Ask the credit card issuing bank to SMS any transaction done by credit card. This way one can come to know if any transaaction has happened without credit card holder's knowledge.
CVV number should not be mentioned on the card. Like ATM Pin number the card holder van memorise it and only he can use it during On line transaction. The bankers must make all On line transaction more secured.
Misue of Credit Card is very common especially on-line transaction. Recently my friend had a very sad experience. The customer charge slip bears the card number. Only need of CVV number is required. Once u give the card for a transaction through swipe, the other party has to just memorize the CVV number and the card number is already available in charge slip. Using the copy of charge slip just any online transaction can be carried on with CVV in memory. So it should be made mandatory for every gateway bank to modify the swipe machine, that the card no is not printed fully on the charge slip. Secondly a biometric system will a best option.
RE:Misue of Credit Card
by Bhramar Vatsa on Feb 01, 2007 06:03 PM Permalink
This I feel is the most easier way to avoid CC frauds. I have even seen some of the machines just printing last 4 digits of the card no. I feel it should be mandatory for all the banks.
I really don't understand what purpose a card no. on the slip would serve. They ofcouse can record the card no. internally in bank records, but need not be on the slip.
Ask the credit card issuing bank to SMS any transaction done by credit card. This way one can come to know if any transaaction has happened without credit card holder's knowledge.
CVV number should not be mentioned on the card. Like ATM Pin number the card holder van memorise it and only he can use it during On line transaction. The bankers must make all On line transaction more secured.
We have been the victims of this fraud. Its a very frustrating that u cannot do anything and just become a victim of it. Although these frauds cannot be stopped, if u find another wa, the culprit will find another way to it. But yes we can save ourselves if the companies comes with some very authenticated method which cannot be hacked by anyone. Hoping this will happen soon, seeing the ratio of these frauds. I wonder whether companies really catch hold of them or not. Kritika Aggarwal
Get yourself online access to the statements in that way you can check everyday whether any transaction is there without your authorisation (Because it takes atleast 2 days for the payment to clear for the merchant from the bankers side). Inform immediately if there is any discrepancy. Also some banks have alert service which sends you an SMS when a transaction is done.
