This post comes from Lynn Oldshue at partner site LowCards.com.
In an effort to enhance its credit card security, Walmart may soon require shoppers to punch in their credit card security codes when making purchases over a certain price.
This process may not be as effective as the shift to chip-and-PIN cards in the coming years, but it is certainly a step in the right direction.
When most credit card thieves steal information on a card, they usually obtain the card number and expiration date. But the three-digit security code is on the back of most cards and much more difficult to retrieve. So by requesting this additional information, Walmart could prevent identity thieves from using stolen credit card numbers.
In order to keep customers safe after this kind of transition, Walmart will need a way to store credit card numbers and security codes separately. Otherwise one data breach could expose more information than any thief would ever need.
Consumers are understandably concerned about card security in light of the recent data breaches at Target, Neiman Marcus, Sally Beauty and Michaels.
Some question whether Walmart should go through with this transition or just wait for the move to chip-and- PIN technology. If they are already going to have to upgrade all of their payment processors in the coming months, is it really worth the effort to do so right now for just a temporary fix?
We aren’t sure what Walmart is going to do, but don’t be surprised if you are asked for your card’s security code in the near future.
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