Comments on: Reducing Credit Card Fraud Without Increasing Cart Abandonment http://www.getelastic.com/cvv2-explanation/ #1 Subscribed Ecommerce Blog Thu, 09 Feb 2012 02:57:16 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Billhttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-54550 Bill Mon, 21 Mar 2011 08:02:45 +0000 http://www.getelastic.com/?p=4734#comment-54550 Someone recently started making fraudulent charges with my Chase Debit Visa card. The bank happily credited several charges to my account but I was responsible for the charges made with a stolen CVV code! This makes me incredibly hesitant to provide the CVV. Someone recently started making fraudulent charges with my Chase Debit Visa card. The bank happily credited several charges to my account but I was responsible for the charges made with a stolen CVV code! This makes me incredibly hesitant to provide the CVV.

]]> By: 10 Worst Things That Can Happen In Your Checkout « Get Elastic Ecommerce Bloghttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-29272 10 Worst Things That Can Happen In Your Checkout « Get Elastic Ecommerce Blog Wed, 22 Sep 2010 09:02:24 +0000 http://www.getelastic.com/?p=4734#comment-29272 [...] Like AVS, CVV (or CVC) is an ambiguous acronym. Make sure you explain it. [...] [...] Like AVS, CVV (or CVC) is an ambiguous acronym. Make sure you explain it. [...]

]]> By: Does Your Log In Make Them Drop Off? « Get Elastic Ecommerce Bloghttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-27788 Does Your Log In Make Them Drop Off? « Get Elastic Ecommerce Blog Wed, 25 Aug 2010 09:04:40 +0000 http://www.getelastic.com/?p=4734#comment-27788 [...] screens are not the only place your visitors may be experiencing frustrating errors. Make sure you explain what the CVV is if you use ask for it, and explaining what format you require for telephone numbers, postal codes [...] [...] screens are not the only place your visitors may be experiencing frustrating errors. Make sure you explain what the CVV is if you use ask for it, and explaining what format you require for telephone numbers, postal codes [...]

]]> By: Daily Expense Management @ Journey in Online Diaryhttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-26848 Daily Expense Management @ Journey in Online Diary Thu, 12 Aug 2010 16:11:09 +0000 http://www.getelastic.com/?p=4734#comment-26848 [...] related problem in their life. That is why we need to get help from reputable company such as from Elastic credit. Have you heard about this term before? If you don’t know anything about elastic you should [...] [...] related problem in their life. That is why we need to get help from reputable company such as from Elastic credit. Have you heard about this term before? If you don’t know anything about elastic you should [...]

]]> By: When you need ithttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-26709 When you need it Tue, 10 Aug 2010 14:29:17 +0000 http://www.getelastic.com/?p=4734#comment-26709 [...] are more frequent, and sometimes we find it hard to make ends meet, thus this is where having an Elastic credit can help us! With an elastic credit, we make emergency cash loans to cover sudden and unexpected [...] [...] are more frequent, and sometimes we find it hard to make ends meet, thus this is where having an Elastic credit can help us! With an elastic credit, we make emergency cash loans to cover sudden and unexpected [...]

]]> By: Elastic Credit for the Better Life | Personal Loan Tipshttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-24986 Elastic Credit for the Better Life | Personal Loan Tips Mon, 19 Jul 2010 04:59:09 +0000 http://www.getelastic.com/?p=4734#comment-24986 [...] solve it without this thing. How can you hold the money although you do not have enough saving? Elastic credit can be used. It is different with the traditional loans institution because you will not wait the [...] [...] solve it without this thing. How can you hold the money although you do not have enough saving? Elastic credit can be used. It is different with the traditional loans institution because you will not wait the [...]

]]> By: Elastic Credit for Your Life | Financial Planninghttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-24985 Elastic Credit for Your Life | Financial Planning Mon, 19 Jul 2010 04:27:44 +0000 http://www.getelastic.com/?p=4734#comment-24985 [...] you have elastic credit? If you don’t have it, you can make the elastic credit for your life. What is the advantage of [...] [...] you have elastic credit? If you don’t have it, you can make the elastic credit for your life. What is the advantage of [...]

]]> By: Linda Bustoshttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-24891 Linda Bustos Fri, 16 Jul 2010 16:12:15 +0000 http://www.getelastic.com/?p=4734#comment-24891 Hi Mike, The CVV2 is designed to protect you in card-not-present transactions. They ask to make sure you have the card number in your hand, and you didn't steal the card number or hack into a system to get it. It's actually more secure to do an online transaction because the CVV is not stored by the merchant or payment gateway and can't be hacked in the future. On the phone, you are providing this info to a rep who could just write down your number and use it later. I would not give my CVV over the phone, but that's my personal choice. I have no issue with providing it online. That being said, from the merchant perspective it reduces its liability for fraud by asking for it, and protects cardholders from their cards being fraudulently charged. It's supposed to be win-win. However, not all merchants ask for this number, one of the reasons being it increases cart abandonment. Regarding your doctor's bill, while this is not an ecommerce scenario, while the bill is in your name the card for payment is not required to also be in your name. Therefore, the system is not programmed to parse out cards that match a billing name with cardholder name. These are completely separate systems, and it would be too much IT work for a doctor's office to sync these systems. Hope that answers your question. Hi Mike,

The CVV2 is designed to protect you in card-not-present transactions. They ask to make sure you have the card number in your hand, and you didn’t steal the card number or hack into a system to get it. It’s actually more secure to do an online transaction because the CVV is not stored by the merchant or payment gateway and can’t be hacked in the future. On the phone, you are providing this info to a rep who could just write down your number and use it later. I would not give my CVV over the phone, but that’s my personal choice. I have no issue with providing it online.

That being said, from the merchant perspective it reduces its liability for fraud by asking for it, and protects cardholders from their cards being fraudulently charged. It’s supposed to be win-win. However, not all merchants ask for this number, one of the reasons being it increases cart abandonment.

Regarding your doctor’s bill, while this is not an ecommerce scenario, while the bill is in your name the card for payment is not required to also be in your name. Therefore, the system is not programmed to parse out cards that match a billing name with cardholder name. These are completely separate systems, and it would be too much IT work for a doctor’s office to sync these systems.

Hope that answers your question.

]]> By: Mike Rourkehttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-24700 Mike Rourke Wed, 14 Jul 2010 03:38:19 +0000 http://www.getelastic.com/?p=4734#comment-24700 Why is the CVV2 needed when paying a bill (in my name and address) "over the phone" with a Visa CC "in my name"? I will provide cvv2 on verified, secure, and trusted sites BUT will absolutely NOT provide in "over the phone" transactions with a CSR present. Is the CSR "verified, secure, and trusted"? Many times I've had to resort to a bank check to pay a bill because of this requirement. For example, I tried to pay a doctor bill in my name over the phone with their CSR. I provided the name as appeared on the CC (my name), Visa CC number and expiry date. She asked for the CC billing address. She then asked for the CVV2. I refused. There are a few points to make here: 1) I'm a patient of the doctor, have a history of payments, in my name, and my address on record, and 2) the doctor's office uses an out of state billing company to transact payments, and 3) why should I trust them? In contrast, what about those invoices asking to pay by CC by postal mail? They provide a space for CC number, expiry date, a signature block, but do NOT request a CVV2 number or even a matching billing address for the CC. Can someone please explain to me the need to provide the CVV2 for "over the phone" transactions when the bill/invoice is clearly for the same person holding the CC? Thanks, Mike Rourke. Why is the CVV2 needed when paying a bill (in my name and address) “over the phone” with a Visa CC “in my name”?
I will provide cvv2 on verified, secure, and trusted sites BUT will absolutely NOT provide in “over the phone” transactions with a CSR present. Is the CSR “verified, secure, and trusted”? Many times I’ve had to resort to a bank check to pay a bill because of this requirement. For example, I tried to pay a doctor bill in my name over the phone with their CSR. I provided the name as appeared on the CC (my name), Visa CC number and expiry date. She asked for the CC billing address. She then asked for the CVV2. I refused. There are a few points to make here: 1) I’m a patient of the doctor, have a history of payments, in my name, and my address on record, and 2) the doctor’s office uses an out of state billing company to transact payments, and 3) why should I trust them? In contrast, what about those invoices asking to pay by CC by postal mail? They provide a space for CC number, expiry date, a signature block, but do NOT request a CVV2 number or even a matching billing address for the CC. Can someone please explain to me the need to provide the CVV2 for “over the phone” transactions when the bill/invoice is clearly for the same person holding the CC?
Thanks, Mike Rourke.

]]> By: Linda Bustoshttp://www.getelastic.com/cvv2-explanation/comment-page-1/#comment-19573 Linda Bustos Tue, 05 Jan 2010 21:15:08 +0000 http://www.getelastic.com/?p=4734#comment-19573 I haven't seen a head-to-head study (split test) but I'll keep my eyes open. I haven’t seen a head-to-head study (split test) but I’ll keep my eyes open.

]]>