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Can credit cards with CVVs that automatically change every hour kill off card fraud?

Discussion in 'Network World' started by RSS, Oct 3, 2016.

  1. RSS

    RSS New Member Member

    When shopping online and paying with a credit or debit card, you have to enter the three-digit CVV (card verification value) from the back. These are card-not-present transactions and entering the security code is supposed to help verify that you physically have the card. But cyber thugs have plenty of ways to get hold of your CVV and burn through your money until you happen to notice the purchases and cancel your card. In fact, card-not-present transactions made up 65 percent of all card fraud.

    A French digital payment security company called Oberthur Technologies (OT) thinks it can do away such fraud by changing static CVVs to dynamic CVVs which change every hour. If a crook gets hold of your card number, his or her shopping spree could last no more than an hour; after the security code changes, the card number would be useless.

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