Virtual CVV/CVC codes

Feedback & Ideas
1

This caught my eye on this site
https://sync.money/card
spend-iPhone-X

The ability to generate your own CVV code as added security for online purchases.
I assume it would mean a change to the physical card so is unlikely to happen soon just wondered what people thought of this idea?

5 Likes
2

Surly that’s just a virtual card system like that has been talked about before which I’m all in support of!

3 Likes
3

Yeah, sounds a bit like the virtual/virtual disposable cards that Revolut have.
Would love Monzo to add something like that!

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4

This idea wouldn’t effectively be a worse implementation of virtual cards because

  • Only 10x10x10 = 1000 possible CVC codes per card. Admittedly this probably wouldn’t be a huge issue, since I doubt many would make 1000 different online purchases every 3 years.

  • You’d be unable to use your card to make online purchases if you’d lost your phone.

5

Which bolsters the argument for having multiple cards, so maybe one physical and one virtual.

6

What about a master one on your card

and a virtual one(s) to use for business’ that you don’t trust

7

A master CVC on the card and additional virtual CVCs would definitely solve the problem of losing your card.

My only worry would be that multiple CVCs would reduce the security of using your card - admittedly not by much though.

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8

As long as you had to generate it through your app.

Maybe there could be a time limit you could set.
i.e. a button that said generate CVC code for X days
Then it would be valid for as long as you set.
So if you only wanted to make one purchase through a website you are not sure of set it to 1 day.
If you want a virtual one for a website you use a lot but are also cautious of you could set it to 365 days.

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9

I am already unable to make online payments if I lose my phone because of the 3DSecure

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10

I saw this on one of my IT newsletters and wasn’t sure uif this is the right place to post but looked really interesting.

What if the CVV number came from the banking app instead of the physical card? Could that work with things like ApplePay?

David

1 Like
11

There would need to be a lot more integration, unless ApplePay started taking direct from your account, like PayPal?