I have other ideas to add to online Credit Card security, too bad Visa/MasterCard and the rest of the CCMob won't implement it. (spelling corrected)
Let me recap:
1) CVV2 Obligatory (& Address etc) - & verified by CC servers
2) PIN for regular purchases - IPIN for online purchases
Additions to protect all involved:
3) An additional code - which changes every month & is on the statement ( this would confirm that the person making the purchase has seen the statement)
4) Putting the mother's maiden name (you have to put this on your application)
5) Maybe give a different card number for online purchases and putting a fraction of the authorized limit for online purchases.
Big ticket items need a telephone call & info verified by the CC center to unblock the funds.
** Most importantly - anyone who disputes an online purchase and is proven to have benefitted from the purchase/charge - gets fined - to compensate the merchant.**
So anybody who wants to try online fraud:
1) Has to have the actual card with them to have the CVV2 info
Has to have the person's billing address
2) Has to have the IPIN number
3) Has to have received a statement in order to have the monthly code to purchase.
4) Has to know the cardholder's mother's maiden name
5) If a different number is given for online purchases, the *fraud* artist - even if he's gotten through all the other barriers, he won't have the Virtual Credit Card number and won't know the spending limit.
6) If people would get fined for disputing something to the full extent (not having contacted to say they remembered what the purchase was) and they did benefit from the product or service or membership, there would be alot less bogus disputes.
The other point I'd want to make is I know that people will say that this is going too far - but in the end, it'll give surfers more of a secure feeling of shopping online.
This would also have to be implemented simultaneously worldwide, not at card renewal.
Ok....everyone tell me to shut up now
