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Mobile app developers and restaurant owners are thus pouring resources into countering threats and avoiding databreaches that harm both them and their customers. Card Verification Value (CVV2) codes cannot be stored on restaurants’ systems and are therefore far less likely to fall into the wrong hands.
Earlier this month, PNC Bank announced it was testing its CNP fraud solution for commercial card products, deploying dynamic CVV2 technology in partnership with Visa, TSYS and IDEMIA. Vendors that store card details for repeated purchases from their customers similarly face the risks of databreaches.
• Fraud prevention: PSPs use various methods to prevent fraud, such as AVS and CVV2 checks. When evaluating security measures, look for features such as data encryption, fraud detection and prevention, and customer authentication. In addition, find out what steps the PSP takes in the event of a databreach.
As there is no physical reminder that this must be done with a virtual card, the theft or breach could potentially go unnoticed while exorbitant charges or snowballing data theft occurs. This is especially true if the VCC user decides to opt out of notifications associated with their virtual card use.
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