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Originally posted by Trixxxia
[B]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
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CVV2 verification is the merchant's choice... and it's in their best interests.
IPINs are on their way.
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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)
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The majority of people don't check thier statement, or check it weeks/month later.
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4) Putting the mother's maiden name (you have to put this on your application)
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you don't have to put it... and verification of that would be difficult. often, especially in the case of asians/europeans, they don't know the proper spelling and might spell it differently. some people put a password instead, or their wife's maiden name.
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5) Maybe give a different card number for online purchases and putting a fraction of the authorized limit for online purchases.
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a lot of paranoid people already do that. but that can be a hassle. what if you want to buy something large online?
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Big ticket items need a telephone call & info verified by the CC center to unblock the funds.
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in general, that already happens. Visa has a detection system called Falcon which monitors accounts for suspicious activity. if you've had the account for 5 years and only spend 200$ a month then you try and buy a plasma tv for 12k, the falcon system will decline the transaction and block your card until you call us or we can reach you. similarily, if you never go overseas and then there's a purchase in europe, we'll block it. or if there's several transaction attempted online, on the phone or in an automated system (gas pumps, pay phones, etc), falcon will block your card. master card also has a similar system.
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** Most importantly - anyone who disputes an online purchase and is proven to have benefitted from the purchase/charge - gets fined - to compensate the merchant.**
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if we prove a charge is theirs, they have to pay the charge, interest and a fee for the chargeback. you can't "fine" a customer.
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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.
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getting a credit number isn't that hard. a cc# generator will still figure out an online cc#, and as soon as he uses the number online, a hacker can get it. also, fraudsters *rarely* know the limit, or even if the card is still good. often, they test the card in a gas pump or pay phone a few times first.