Credit Card Checks & Credit Checks
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To reduce the increasing occurrence of credit card fraud, issuers have started a credit card check system by adding a “V-code” or verification code at the end of the credit card numbers. This code is printed at different locations on the card, depending on the type of credit card. The credit card check is useful in situations where a cardholder is making purchases with a credit card that cannot be presented to the trader. In such situations, traders can verify the authenticity of the credit card by performing a check through the verification code.
To reduce the increasing occurrence of credit card fraud, issuers have started a credit card check system by adding a “V-code” or verification code at the end of the credit card numbers. This code is printed at different locations on the card, depending on the type of credit card. The credit card check is useful in situations where a cardholder is making purchases with a credit card that cannot be presented to the trader. In such situations, traders can verify the authenticity of the credit card by performing a check through the verification code.
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Benefits of Credit Card Check
The credit card check enables traders to:
- Prevent credit card fraud. Through this check, you can verify whether your customer is authorized to use a credit card account.
- Verify whether the account information is accurate.
- Reduce instances of fraudulent balance transfers and transactions.
- Boost online sales. Your ability to process transactions faster and in real time is bound to boost customer confidence in your site.
- Lower costs on manual verification.
How is the Credit Card Check Conducted?
The credit card check process is conducted through a speech verification system (SVS) and card verification or validation code. An online purchase is validated only after both checks have been cleared.
Speech Verification System
- The user gets connected to a telephone network through the SVS.
- S/he enters the card number.
- This number helps gain access to a central data base and retrieves a pre-stored voice verification sample matching with the number. Voice verification samples contain the authorized user’s voice samples stating phrases, words or numbers.
- The user is prompted to speak one of the stored phrases, words or numbers and the SVS compares the replied answer with voice verification samples.
- The card is considered validated only after the voice samples match the current answer.
Card Verification Code
The verification code determines a credit card’s authenticity. The system uses an algorithm method to compare codes with the encrypted verification code on a card to authenticate account and card’s possession.
Things to Consider: Credit Card Check
The V-code does not protect against phishing cons that usually occur via fraudulent sites. Ensure that the sites are verified by certification authorities before filling card details.
Cards, such as Visa, MasterCard, American Express and Discover, usually use the toughest checking process. Ensure that your card providers have a credit card checking system in order to save you from fraud and scams.
