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The
purpose of CVM/ CVV2 is to ensure that the person submitting
the transaction is in possession of the actual card,
since the CVV2 code cannot be copied from charge slips /
receipts or skimmed from the magnetic band. We request our customer to provide this numeric code for
your order and submit it with the authorization through
the Citibank gateway. The card processor (i.e. Visa or
Master Card) will then validate the code supplied with
the number on record for the specific card, and return a
match/no-match response.
Thus, if
somebody anyhow comes to know your credit card number and it's expiry
date, he would still not be able to make payments on our site till he
physically possess the concerned card due to The
Card Verification Method, or CVM.
Securing
our customers
According
to a Gartner Group survey, 98% of the credit card
numbers that the hackers / fraudsters are able to
collect, are through charge slips thrown away by
retailers / restaurants / Shopping Malls etc., which
contains the Card Holder's Name, the 15 or 16 digit
credit card number and the expiry date. This extra 3 or
4 digit numeric code is not printed anywhere in the
charge slip. Therefore the hackers / fraudsters cannot
use these credit card numbers on CVM-validated
transactions.
World Wide statistics have shown that fraud rates on
transactions with verified CVM codes have been
significantly lower than those for transactions without
CVM (fraud rates on CVM-validated transaction are
reportedly 90% lower than those for non-CVM
transactions). The Card Verification Method process
is an expensive proposition for the payment gateways and
is therefore not incorporated by any Payment gateway in
India with the sole exception of Citibank.
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