IBill new scrubbing policy
From CMI:
CVV2 Implementation
As part of our ongoing effort to communicate business-critical issues to you, we feel it necessary to notify you of the following:
We have communicated to you the importance of taking all available measures at our disposal to reduce fraudulent online transactions. Despite greater attention and resources allocated to the issue, the number of fraudulent transactions in the online industry continues to rise. This results in a higher number of chargebacks, a reduction in the quality of transactions and reduced revenues to you.
In an effort to reduce fraud, and the resulting chargebacks, to the lowest possible levels, we are instituting a CVV2 (Card Verification Value 2) requirement as part of the sign-up procedure for online transactions. This requirement will now apply to domestic transactions charged to a VISA card and will be incorporated into the purchase process early in the week of May 5, 2003. This requirement is already in place on all international and MasterCard transactions. CVV2 verification utilizes a unique encrypted 3-digit value that is encoded in the magnetic stripe and printed on the back of a card. It is used as an additional means of cardholder verification during the authorization process.
Given that CVV2 information will now be a required field during the sign-up process, a missing or incorrect value will result in a declined transaction. It is therefore possible that you may experience a higher decline rate after this requirement is implemented. It is our belief that most of these declines are fraudulent in nature and will result in fewer chargebacks, reduced chargeback-associated costs and greater control before you grant access to your content.
Fraudulent credit card charges is an issue that has a negative impact on the entire industry. iBill has been an industry leader in its anti-fraud efforts and will continue to resource this effort to the highest possible degree. Our goals remain consistent with yours related to this issue: less fraudulent transactions and a reduction in the number of chargebacks and the resulting revenue loss that accompanies them. Should you have any questions regarding this notice, please contact our client service department at 800.764.4266 (US) or 954.363.4931(International). Thank you for the confidence you?ve shown us as your processor. We appreciate your business.
End of original text
No one new signup since May 1st for us? Only rebills.
WTF with new IBill scrubbing policy?
CVV2 Implementation
As part of our ongoing effort to communicate business-critical issues to you, we feel it necessary to notify you of the following:
We have communicated to you the importance of taking all available measures at our disposal to reduce fraudulent online transactions. Despite greater attention and resources allocated to the issue, the number of fraudulent transactions in the online industry continues to rise. This results in a higher number of chargebacks, a reduction in the quality of transactions and reduced revenues to you.
In an effort to reduce fraud, and the resulting chargebacks, to the lowest possible levels, we are instituting a CVV2 (Card Verification Value 2) requirement as part of the sign-up procedure for online transactions. This requirement will now apply to domestic transactions charged to a VISA card and will be incorporated into the purchase process early in the week of May 5, 2003. This requirement is already in place on all international and MasterCard transactions. CVV2 verification utilizes a unique encrypted 3-digit value that is encoded in the magnetic stripe and printed on the back of a card. It is used as an additional means of cardholder verification during the authorization process.
Given that CVV2 information will now be a required field during the sign-up process, a missing or incorrect value will result in a declined transaction. It is therefore possible that you may experience a higher decline rate after this requirement is implemented. It is our belief that most of these declines are fraudulent in nature and will result in fewer chargebacks, reduced chargeback-associated costs and greater control before you grant access to your content.
Fraudulent credit card charges is an issue that has a negative impact on the entire industry. iBill has been an industry leader in its anti-fraud efforts and will continue to resource this effort to the highest possible degree. Our goals remain consistent with yours related to this issue: less fraudulent transactions and a reduction in the number of chargebacks and the resulting revenue loss that accompanies them. Should you have any questions regarding this notice, please contact our client service department at 800.764.4266 (US) or 954.363.4931(International). Thank you for the confidence you?ve shown us as your processor. We appreciate your business.
End of original text
No one new signup since May 1st for us? Only rebills.
WTF with new IBill scrubbing policy?
Comment