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News Online shoppers to enter code into SMS before purchase to stamp out fraud

Discussion in 'Business News & Resources' started by Cody, Oct 23, 2017.

  1. Cody

    Cody

    Joined:
    Feb 17, 2016
    Messages:
    1,286
    In a bid to protect online shoppers against card fraud, the Home Office are rolling out a new initiative that will see customers wait for a text message before making an online purchase.

    Over a million people a year are affected by online card fraud last year, and although a yearly occurrence there is still much more needed to be done to prevent and crackdown on cyber crime.

    Two-step Text Verification

    Just like a Facebook and Gmail text or email notification when a suspected or attempted login to your account has been made, this action would involved a two-step verification to proceed with your online shopping as a confirmation. The code would be sent to your mobile phone which would then need to be entered online.

    Just make sure to have your phone on you at all times when buying from a desktop...

    Revolving CVV Numbers

    Philip Rutman, Home Office secretary stated that: "There are ideas around involving a revolving CCV," that could every couple of hours, adding an extra level of protection.

    This CVV method would see cards with an 'electronic panel' on the back display a random three digit code (which would be in place of the current CCV location) that shoppers will need to enter online to finish their purchase.

    Amber Rudd said: "It could reduce the number of crimes by one million....that could be a real win in terms of protecting people."

    How will this affect those eCommerce sellers that will now a slower checkout process due to this initiative?

    Will customers feel safer, or will they leave the site due to this added time to their shopping experience?
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