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security on credit Card

Posted on 2004-08-24
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Last Modified: 2013-11-18
plz i'm from africa, over here, security on credit cards has been reduced to zero. so my question now is this: what can be done to stop people from using mail extractor to gain access to the credit card numbers along with the information on their owners. so that online marketing can regain his lost glory. Because here in africa credit card(online) has been deface and online marketing child's play
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Question by:JOE007007
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5 Comments
 
LVL 33

Expert Comment

by:humeniuk
ID: 11888828
Please excuse me, I'm a little unclear as to what you're looking for.  Are you asking about a way to do secure credit card transactions online?
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LVL 24

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duz earned 125 total points
ID: 11889294
JOE007007 -

It's not just Africa there are many other parts of the world were credit card fraud is endemic, Yugoslavia, Macedonia, Croatia, etc. etc. In Serbia credit card fraud is not even considered a crime! A survey from a couple of years ago found that fraudulent transactions comprise 1% of total online transactions or 15 times higher than fraud in the physical world.

Merchants can reduce the scale of the problem though by taking the following steps:

Use Address Verification System (AVS)
Use Verified by Visa (VbV)
Use SecureCode
Avoid storing card account numbers on a server connected to the Internet
Install fraud detection software
Install a website firewall
Default to the highest SSL encryption that a consumer's browser can support
Keep informed about the latest fraud trends and news
Inform the appropriate law enforcement agency if your business is victimized by fraud
Employ effective data security and hiring practices

Merchants employing all of the above tend to have an extremely low number of fraudulent transactions and are well placed to participate in the steady growth of online sales. US online sales were $95.7 billion in 2003 and on target to represent 10% of all US sales by 2008.

It's still the only game in town.

- duz
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LVL 29

Assisted Solution

by:coreybryant
coreybryant earned 125 total points
ID: 11892098
Well you should not store the CC numbers on the server unless you are in compliant with Visa & MasterCard rules & regulations: http://usa.visa.com/business/merchants/cisp_index.html?ep=v_sym_cisp

The VBV & MSC mentioned by duz has been very helpful.  Other services like http://www.fraudgate.com can also help curb fraudulent transactions.  But no matter what the industry does, the hackers will be right behind.  

And never store the CVV on your system.  It is against Visa & MasterCard rules & regulations.  This way, if your data is compromised, that 3-4 digit code is not received by the hackers.  A lot of merchants have also chosen not to send out the products if the CVV does not match, or the AVS.  Also, a lot of merchants pay extra attention to the free e-mail accounts.

-Corey
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