Credit Cards security number

[efrahin]

This case with Dominics reminds me of a new custom nowadays of business asking for your security code on Internet transactions. I will not give that number to anyone, and if they insist I hang up and go somewhere else. In all my years in business, no cedit card company ever requested that number. I use to send $100.00 to a children cancer hospital in San Francisco (City of Hope). When the father of a friend of mine pass away and I decided to sent a donation in his honor (since I dont believe in wasting money in flowers). To my surprise the ask me for the security number which I refuse. They told me they could not process my request. I hang up and inmediately cancel my monthly donation.

[JohnnyM]

efrahin,

Security number on Visa and MasterCard credit cards

The purpose of the credit card security number is to prevent thieves from using your credit card number with internet and telephone merchants who cannot physically compare the signatures on your card with the purchaser signature. The security number is a relatively new internet fraud protection mechanism, and many people are unfamiliar with it.

The security number is a random number added to the card by your credit card issuer. When our credit card processing company - 2Checkout.com communicates with your credit card issuer to get authorization to charge your credit card, K also sends the security number that was provided. Your credit card issuer looks to see if your account has enough available credit, and they also look to see that the security number provided matches what they printed onto your credit card.

If the security number does not match, it is a reasonable assumption that the person using your credit card is not you and although there might be enough available credit to handle the purchase, it would be unwise for Kagi to process the purchase. If it was you making the purchase, you would know the proper security number. A thief would not.

If you have multiple credit cards, it is best if you designate one credit card just for internet purchases, so that no one but you ever sees the security number. Stores such as Kagi that verify the security number prevent thieves from pretending to be you. JohnnyM

[kit9240]

I used my credit card in Lowe's a few days ago and after I swiped the card, the clerk asked to see my card. She punched in the security code on the back of the card. I'm used to giving the security code when placing an order on the phone or internet, but this is the first time that has happened when I used my card in person.

Anyone else have that experience?

[Donna]

I never heard of that happening...I would check on that immediately...

[ABC]

Do Not give the CVV number to anyone or any business you do not know

Do give the CVV number to legititmate businesses with whom you are making a purchase, online or via telephone, these businesses need this number as it is the only way they have of knowing that it is you using your card and not someone who has found (or worse stolen) it.

[Dutchman]

My Lowes store only asks for the last 4 digits of the credit card.

[sschuler1]

Some businesses are now asking for your billing zip code when making a purchase. This would only be when you are actually at the establishment, not on the internet. If the card is stolen, the theif has the CVV number but not the billing zip code. Another form of protection that they are starting. I have seen it at gas stations and grocery stores already.

[travelstiles]

From today's Wall Street Journal Personal Finance Section, Visa will no longer require pin numbers on small debit card purchases. While it may save some time at the checkout, I would not trade that off for the increased risk of fraud. Remember the Sweetbay incidents? Most of those affected were using debit cards. Credit with signature is generally more secure, and you won't incure fees if you pay off your balance monthly. The only ones paying a slightly higher fee for this security are the merchants.

http://online.wsj.com/article/SB121492825854019671.html?mod=2_1581_middlebox

[bestmickey]

Just another oddity re: credit cards. About a year ago, my sister swiped her credit card at a Walmarts, and she had to enter her pin number. When she reviewed the receipt at home, she noticed that the pin number was PRINTED ON THE RECEIPT! She's noticed it hasn't happened again subsequent to that one time, but it was a worrisome occurrence.

[Mikitv]

I am a real identity theft freak in that I shred everything that comes in with my name on it. I also save my charge receipts and shred them after I reconcile them with bill. Sometimes they have your signature on them. I have had a few of our local business like Lowe's ask for the last four digits on the front of my charge card.