With credit card thieves shifting to online fraud, companies have to up their security games. Will shifting CVVs be the next big thing? Find out what experts think about the future of this new technology.
Dynamic CVV technology was created to fight card-not-present fraud, which has been on the rise since chip-enabled cards replaced the less-secure magnetic stripe models, crippling crooks’ counterfeiting efforts.
In fact, according to the U.S. Payments Forum, counterfeit card fraud has taken a nose-dive to the tune of 80 percent at brick-and-mortar businesses that accept chipped cards.
Now, thieves are turning to the web to look for new opportunities, because online credit card fraud is an entirely different animal.
Chris Ligan, vice president of acquisition at the credit card processing company Auric, thinks it’s too early to tell if shifting CVVs will work.
“Since EMV chips on credit cards were standardized in U.S. in 2016, the bad guys have moved to online fraud because it bypasses the security features of face-to-face transactions,” Ligan said.
https://www.creditcards.com/credit-card-news/dynamic-cvv-credit-card-security/
