As card purchases rapidly increase both online and in-store, so are cases of credit card fraud. To combat and limit potential fraud, credit card companies are ramping up their security efforts in many ways. One of the newest methods for securing cards includes dynamic Card Verification Value Service is used by Visa and is a three digit security number indent printed on the back of Visa cards to help validate two things: that the customer has a genuine visa card in their possession and that the card account is legitimate.... generators.
Dynamic Card Verification Value Service is used by Visa and is a three digit security number indent printed on the back of Visa cards to help validate two things: that the customer has a genuine visa card in their possession and that the card account is legitimate.... generators create random Card Verification Value Service is used by Visa and is a three digit security number indent printed on the back of Visa cards to help validate two things: that the customer has a genuine visa card in their possession and that the card account is legitimate.... (Each transaction needs to include one of the following from the merchant: • CVV is intentionally not provided. • CVV is present. • CVV is present but illegible. • Cardholder states that no CVV value is on the card. The CVV Response from the bank will be: • CVV match. • CVV no match. • Not Processed. • Merchant has indicated the CVV is not on the card. • Card Issuer is not certified and/or on the system....) numbers and are built-in to cards. This type of card basically provides an extra layer of security by replacing the printed three-digit security code on the back of the card with a mini screen which displays a random code that changes automatically approximately every hour.
Oberthur Technologies, a French digital payment security company that is behind much of the technology calls their auto-CVV-generating system “Motion Code.” The system is designed to automatically refresh a different code at virtually any time duration, typically at the discretion of whoever issues the card. Motion Code is powered by a thin lithium battery designed to last three years.
These cards won’t be met without outside challenges, however. “The technology has existed for some time so now it will be a case of persuading card processors that it is worth doing,” said Professor Alan Woodward of Surrey University in an October BBC News Technology article. A noted cybersecurity expert, Woodward commented further on potential difficulties: “It may be costly for card operators as some extra infrastructure will be required to ensure our cards stay synchronised with the operator, but it happens already for many banks with the dongles they issue for login.”
Network World mentioned in a similar article that consumers don’t need to do anything differently when using these “dynamic” cards. Cardholders simply enter the random security code when making online purchases. And that’s it. Additionally, ecommerce sites don’t need to make any changes to accept payment via cards with this technology.
One possible drawback for cardholders includes the fact that they will no longer be able to memorize their security code and will need to check before making an online purchase. Other than that, disadvantages are largely unclear at this time.
Credit cards with digital displays that randomly generate security codes are essentially the wave of the future and in many cases, the future is already here. Contact National Merchants Association today to learn more about how to protect yourself and your business from fraud and the unnecessary fees associated with it.