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.
