The best way to prevent frauds is to introduce bio metric security into the card while making payment. If the card companies does this, risk is eliminated
Well, I don't think credit cards were only made for fraudulent transactions. On the contrary they are great concept. However its all messed up today. To analyze the same we need to go to the root of the situation. The problem has been created due to e-commerce and online transactions. Just imagine how safe it was if only the card with CVV was authenticator in any shop. But online transactions via credit card is pretty unsafe.
So its better to let they be used what they are meant for. I.E. Banks should limit use of credit card only at shops and other hand transactions and debit card for all online transactions. That very much sorts things out ... What say?
The credit card fruad can avoid if the photograp of customer affix on the card and instruct all the credit card accepting agencies to verify the signature put on the card at the time of purchases. Also instruct all the card accepting agencies accept the card from the original cardholder. The CVV No. do not put on the backside of card which may be sent to customer separately and instruct them keep the CVV No. in their safe custody.
RE:credit cards
by Dion Fernandes on Feb 01, 2007 03:07 PM Permalink
Hi- agree with you- do you think it is alright for the customer to note down the CVV no. elsewhere and black it out or erase it with correction fluid?
RE:RE:credit cards
by Gaurav KUmar on Feb 01, 2007 03:24 PM Permalink
Hi I am also agree that csutomer should remind CVV no and erase the CVV which is printed in card's back side
RE:credit cards
by HIROO SHAHANI on Feb 01, 2007 03:15 PM Permalink
This is a good suggestion, but one wonders will this stop people stop doing the fruadulent act on credit cards. Lets give a try.
RE:credit cards
by Ruchir Dewan on Feb 01, 2007 03:52 PM Permalink
Crad user could be given an option to change his CVV (like a password)...CVV should not be printed on the cards
RE:credit cards
by Kaushik Majumdar on Feb 01, 2007 03:16 PM Permalink
Good suggestions about CVV number. For online transactions, some info has to be made compulsory that is not available on the card. So that even if someone steals the card, they can not use it online. As far as signature goes, it is already part of the instructions. But it's unfortunate that merchant establishments do not match signature.
Nobody can stop fradulence. We all kown how the new innovation is prepaired for fradulence. If anyone don't know then you can see Dhoom 2. It is really good movie for master mind of DON activities.
Credit Card fradulence stop? How can we imagaine. It is impossible to stop because many ways to know about credit cards numbers and everything is possible in this universe if no then see movie itfaak
No crime will finish may be crime rate can reduce.
The best way to stop credit card fraud is to make photo card mandatory while using the card at stores. If the photo is not there then merchant needs to ask the holder to give a id proof which matches with the name. In that way atleast shopkeeper wont sell to any unauthorize person
while doing online transactions one should make a check that billing address and ship to address is same and matches with the address that is present within the bank records. If both are different then separate check should be made which would validate the transaction. finally fraudster will buy some stuff and get it shipped some where and it can be traced.
another way is to generate virtual number and use that number while doing online transaction.citibank has that facility. it even generates the new cvv which is valid only for a short period .... icici asks for card digit like which is the 10th and 14th number of the card and we have to enter that again as additional check. visa even allows you to register so that password is asked when ever transaction is made..
banks should send sms if there is any transaction done over the set limit via sms or email so that cc holder can immediately get aware of wrong happening. https is a must in url when entering credit card number..one shouldnt purchase from unknown sites as they might stole the information.
Credit card habit is the by product of western culture..Which is coming with so many ambiguity & confusion for the simle human being,,,for using the free credit. Without getting a benifit no any one in the world ready to extend money credit to you. They are not to serve to society. They are eager to earn large amount of interest through defaulted payment which may be created by mis management of system. So nothing is free in the world.
Check for https:// (and not http://) on the webpage address where you're about to key in your credit card number. The 's' at the end of 'http' denotes that the website is secure. If there is no 's' then the website is not secure. You will also see a "lock" icon in the bottom bar of your browser whenever the website is secure.
The best solution to avoid CC fraud is to stop using CC. Using CC is biggest fraud done by CC holder because he buys those thing which he dont want at price higher than what is required in form of tax and charges and spends frustrated time with customer care executive if their is small problem in billing. Also you dont get the gifts/insurance and any other item which CC comapny says when u buy CC.
given the rise in credit card frauds and how simple it is, banks should come up with more stringent methods of stopping cc frauds. 1. No cvv on back of card, should be intmted to use separately. 2. only card no should be of no use unless accompanied by some other information which only user knows. 3. when amount exceeds 50% of approved limit, confirmation by sms or email mandatory. 4. we pay for every transaction on Credit cards, restaurants etc. should have wireless swipes so that user can see it is not misused. 5. for claiming no. one spot, credit card cos. should not go on distributing credit cards to everyone they can find.. 6. stringetn verification should bein place before issue of credit cards 7. about time, magnetic stips are away, credit cards should be smart cards where it can contain more info about actual user. 8. Photo on card mandatory if user and photo notsame, restaurants can swipe the card while pressing some speical key, so as to inform the co.that this may be a fraud so that the bank can take preventive measures. the user can hten be asked to pay cash by the restaurant saying card not working etc. 9. after swiping the card, user can press some 6 digit key in the swipe machine to authenticate the transaction. 10. credit cards to be smartcard with the right hand corner a thumb reader and works only if authorised user keeps his thumb on the card and swipes it. etc..
