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Constantly Changing CVVs Could Prevent Fraud

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Frequent Contributor

Constantly Changing CVVs Could Prevent Fraud

"The new cards have a small screen displaying a three-digit number, which replaces the usual static code on the back. A small lithium battery powers the system, and an algorithm determines when to change the code on display."

 

"The refresh rate will also affect the life of the card — a 60-minute refresh interval drains it after four years.."

 

Credit Cards With Constantly Changing CVVs Could Prevent Fraud

 

 

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.
Message 1 of 19
18 REPLIES 18
Frequent Contributor

Re: Constantly Changing CVVs Could Prevent Fraud

Company's with auto renew subscriptions would hate this.

Message 2 of 19
Valued Contributor

Re: Constantly Changing CVVs Could Prevent Fraud

Isn't it bad enough my phone has a rather sizeable lithium battery? Yet now they want me to carry another one in each CC? 

If tehy want to make it an electronic fix. Why not just record a thumbprint on file, so that whenever you use the scanner it promts to scan it?

Or the same as a current PIN? 

 

I think this option is way over thinking it, while also adding some personal health risk.

Message 3 of 19
Senior Contributor

Re: Constantly Changing CVVs Could Prevent Fraud

Instead of doing this, all issuers should offer virtual credit card numbers and the ability to freeze credit cards indefinitely for all but recurring charges with an app to just thaw them when we need them. 


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Message 4 of 19
Valued Contributor

Re: Constantly Changing CVVs Could Prevent Fraud

Agreed. I know that with Discover it's more for a lost card feature, and a couple other cards have this feature as well. 

But it would be more useful to turn it off and on at will between usage, rather than after the fact when it's actually gone.

Message 5 of 19
Senior Contributor

Re: Constantly Changing CVVs Could Prevent Fraud


@Janus wrote:

Agreed. I know that with Discover it's more for a lost card feature, and a couple other cards have this feature as well. 

But it would be more useful to turn it off and on at will between usage, rather than after the fact when it's actually gone.


Yeah all of my cards except SSFCU have freeze capabilities I believe. I’ve never checked to see how long they will stay frozen but I know at least Discover will remove the freeze after some time. We can freeze our credit reports, let us freeze our cards too. 


Scores 1/2019:
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Hover over my cards to see my limits!
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Message 6 of 19
Moderator Emeritus

Re: Constantly Changing CVVs Could Prevent Fraud

A whole new world of security could be coming. As to "Thumb Prints" ... not to excited as I file mine off so maybe "PIN"s would be better Smiley Frustrated

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Message 7 of 19
Regular Contributor

Re: Constantly Changing CVVs Could Prevent Fraud


@CassieCard wrote:

"The new cards have a small screen displaying a three-digit number, which replaces the usual static code on the back. A small lithium battery powers the system, and an algorithm determines when to change the code on display."

 

"The refresh rate will also affect the life of the card — a 60-minute refresh interval drains it after four years.."

 

Credit Cards With Constantly Changing CVVs Could Prevent Fraud

 

 


Interesting read. I’m all about protection, but this wouldn’t work.

I’m a blind consumer, unless the card had a built-in screen reader... there is just know way. I have 12 CVv I have to remember by memory.

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Message 8 of 19
Established Contributor

Re: Constantly Changing CVVs Could Prevent Fraud


@blindambition wrote:

Interesting read. I’m all about protection, but this wouldn’t work.

I’m a blind consumer, unless the card had a built-in screen reader... there is just know way. I have 12 CVv I have to remember by memory.


You might find this paper interesting, then: 

https://www.usenix.org/legacy/event/hotsec09/tech/full_papers/saxena.pdf

 

It's a bit old, but not much has changed since then in terms of accessible multi-factor authentication.

 

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Message 9 of 19
Frequent Contributor

Re: Constantly Changing CVVs Could Prevent Fraud


@blindambition wrote:
Interesting read. I’m all about protection, but this wouldn’t work.

I’m a blind consumer, unless the card had a built-in screen reader... there is just know way. I have 12 CVv I have to remember by memory.


I think it will work fine for the majority, but they definitely need to provide an alternative for you. A standard credit card is probably too thin for a haptic display. The best alternative I can think of now is Time-Based One-Time password or TOTP using a mobile app, where it just speaks the code when you need it. It wouldn't matter if anyone else heard the code, since it expires in 30 seconds anyway.

 

In 1997, I used an authenticator card to log on to a corporate server. It was a very thick card with a total of eight 7-segment displays. I would press a button to get a code that was valid for 1 minute. A card that thick could probably support an electro-tactile braille display.

 

Thank you for posting and making me think about it!

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.
Message 10 of 19