Banks don't check CVV for tokenized (saved) cards. Think of your cards saved on apps like Swiggy or Amazon. They only look at OTP. Big risk if your phone is stolen.
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just few mins back used Swiggy App and no CVV was required (as tokenized) and when you click on Pay, Auto OTP works and finishes placing the order so as you said it is a problematic issue as all happens in a matter of 2-3 secs where you need to ensure the amount/discount applied and then whether the same amount is what is there in the OTP message..
I have tried this on Amazon, they do validate the transaction.
When I tried the wrong CVV , my transaction failed.
Few other apps like JioMart and Swiggy are already processing payments without CVV. They've totally removed the field and clearly says "CVV not required" right alongside the respective card.
In future the cards should be without 16 digits number, cvv and expiry, only name and variant should be printed, all the details of the card should come in the letter and should always bhi saved in the bank credit card app... That should be the most secure thing...
In an ideal situation, if the phone is stolen then by default the phone is locked with fingerprint or PIN or face look authentication.
Then even your apps are also locked by default. So in that situation, we first reach out to track our phones if the tracker is enabled on the phone to possibly track / erase the data. Apart from that we also reach out to respective telecom operators to get duplicate sim and deactivate that stolen one.
Additional always keep your cards disabled for all types of transactions and also keep Find My Device feature ON in the phones( it really helps).
"IN APP AMAZON,TODAY I SEE WITHOUT CVV
BUT IN WEBSITE ,CVV REQUIRED.
YESTERDAY THEY NEED CVV IN BOTH AMAZON APP,WEB."
Great, that will improve user convenience. To protect yourself, you can always use the banking apps to disable/enable transactions and enable fingerprint lock both for the phone and the indivisual apps.
with OTP, cvv is kinda useless anyway.
Three days ago, I tried to purchase a Swiggy Membership using the Swiggy app. I had saved my Airtel Axis credit card on the app. When I entered the wrong CVV, my transaction failed immediately. However, after entering the correct CVV, my transaction was successful.
we have american style of payment with best policy of the world
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The more dangerous thing is Auto OTP fill and payment. It's a bogus & problematic feature.
But now adays I don't see it auto filled. I think it's stopped
I have tried this on Amazon, they do validate the transaction.
When I tried the wrong CVV , my transaction failed.
In an ideal situation, if the phone is stolen then by default the phone is locked with fingerprint or PIN or face look authentication.
Then even your apps are also locked by default. So in that situation, we first reach out to track our phones if the tracker is enabled on the phone to possibly track / erase the data. Apart from that we also reach out to respective telecom operators to get duplicate sim and deactivate that stolen one.
Additional always keep your cards disabled for all types of transactions and also keep Find My Device feature ON in the phones( it really helps).