A CVC (Card Verification Code), often referred to as CVV (Card Verification Value), is a security code consisting of three or four digits found on credit or debit cards. This code adds an extra layer of protection, confirming that the individual completing a transaction physically possesses the card. For travel companies, CVC codes play a crucial role in mitigating fraud during card-not-present (CNP) transactions, including online and telephone bookings. By mandating that customers enter their CVC code at the time of payment, travel businesses can significantly lower the chances of unauthorised transactions and enhance the overall security of their payment systems.
In the travel sector, CVC codes are essential for facilitating secure transactions, especially for remote payments where the cardholder is not physically present. Given that most travel bookings are made online or via phone, the CVC code serves as a crucial verification mechanism, ensuring that the customer possesses the physical card during the transaction. This additional security measure safeguards both the travel provider and the customer against fraud, as merchants are prohibited from storing CVC codes under PCI DSS regulations, making it harder for fraudsters to exploit them.
CVC codes significantly contribute to customer confidence, as they indicate that the travel company is actively working to secure transactions. By mandating CVC entry, travel companies demonstrate their dedication to protecting customer payment details, which is particularly important due to the high-value nature of many travel purchases. For companies dealing with international transactions, CVC verification also mitigates the risk of fraud-related chargebacks by adding an extra layer of legitimacy to the payment process, thereby reducing the likelihood of disputes and unauthorised charges.
Additionally, CVC codes comply with regulatory standards, including those established by the Payment Card Industry Data Security Standard (PCI DSS) and the Payment Services Directive 2 (PSD2) in Europe. By following these guidelines, travel businesses can bolster the security of their payment systems, ensuring compliance while providing a safe booking experience for their customers.
One of the main challenges related to CVC codes is the potential for transaction declines caused by incorrect entries. When customers mistakenly input the wrong CVC code, their payment is usually rejected, which can be particularly frustrating, especially during urgent situations or last-minute bookings. This problem is especially significant in the travel sector, where the urgency to complete bookings is often high, and declines can result in customers abandoning their bookings entirely.
Another issue is the necessity for intuitive and user-friendly interfaces that guide customers in accurately entering their CVC codes. Many customers may not be familiar with the term "CVC" or know where to locate it on their cards, and a confusing payment interface can lead to mistakes, causing unnecessary transaction declines. Travel companies need to ensure that their payment pages clearly show customers where to find the CVC code, thereby minimising entry errors and enhancing the overall booking experience.
Furthermore, while CVC codes add a robust layer of security, they are not infallible and cannot eliminate all forms of fraud. Skilled fraudsters may still discover ways to acquire CVC codes through phishing attacks or data breaches, making it essential for travel companies to adopt additional security measures, such as 3D Secure and Strong Customer Authentication (SCA), to further safeguard transactions.
Felloh strengthens payment security for travel companies by incorporating secure CVC verification into its payment processing platform. This functionality safeguards transactions against fraud, enabling travel businesses to confidently handle online and phone bookings. The system is crafted with user-friendly interfaces that assist customers throughout the payment process, significantly reducing the chances of incorrect CVC entries. By offering clear guidance and intuitive payment screens, Felloh minimises transaction declines caused by CVC mistakes, thereby enhancing the overall booking experience for customers.
Beyond CVC verification, Felloh’s platform includes advanced security features such as 3D Secure and Strong Customer Authentication (SCA), delivering multi-layered protection for travel payments. These additional measures further mitigate the risk of unauthorised transactions, ensuring customer data remains secure at every step of the booking journey. With Felloh, travel companies can achieve a high standard of payment security while maintaining convenience, which builds customer trust and boosts transaction approval rates.
Felloh also provides real-time transaction monitoring, enabling travel businesses to swiftly identify and resolve potential security concerns. By recognising patterns of incorrect CVC entries or other suspicious behaviours, Felloh empowers travel companies to take proactive measures against fraud, thereby reducing chargebacks and unauthorised payments. Through these integrated services, Felloh offers travel companies a robust solution for secure and efficient payment processing, enhancing customer confidence and lowering operational costs related to fraud.
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Felloh provides PCI-compliant card processing, partnering with multiple merchant acquirers to offer competitive rates for Visa and Mastercard transactions. You can also choose to accept Amex cards. With real-time transaction data, you’ll see completed transactions instantly in your dashboard.
