Reducing risk for consumers

With the recent and continuous incidents of fraud and identity theft, we are witnessing many credit card institutions beefing up security by implementing additional measures to protect consumers from potential risk. The CVV code, for example, a 3-digit number printed on the back of a credit card, has quickly become as critical as the card number itself for consumers attempting to make telephony and online purchases. This designated code is comparable to a debit card
PIN number, and is to be kept confidential in order to guard against unauthorized purchases. Similarly, the new Chip and PIN system, soon to be adopted by all institutions, will see information stored on a chip inside the card, and transactions will be completed once the cardholder provides the PIN by either entering it into a keypad, or relaying over the phone as the means of cardholder identification.
 
While these measures do offer most cardholders an additional stride towards security assurance, blind, deafblind and partially sighted consumers are unfortunately left vulnerable as a result of this feature. Credit card information that is provided exclusively in standard print limits both the independence and privacy for these customers, as they are forced to rely on the assistance of another individual to obtain the necessary information - leaving the card number,
expiry date and CVV code available for external access.
 
When discussing ongoing access issues with my blind and partially sighted friends, this is admittedly one that is continuously raised. Given the personal, private and confidential nature of security verification codes, it is equally important for blind, deafblind and partially sighted consumers to have independent access. I have often heard the general statement, “I could ask my husband/wife or friend to read me this, but I really shouldn’t have to”. I have some
friends who refrain from making purchases online or over the phone, simply because they have yet to obtain their standard print CVV code - but recognize it is mandatory - and are therefore limited to in-store purchases.
 
While it is very promising to see that credit card institutions are increasingly recognizing both the importance and benefit of making their statements and collateral available in alternate formats, it is equally important for these organizations to consider the additional challenge and risk that blind, deafblind and partially sighted consumers face when imperative, and private financial information is not provided alternatively in an accessible format.         
 
Consumers look forward to the announcement and implementation of the first accessible cardholder verification solution, which will ultimately address the information needs of blind, deafblind and partially sighted consumers. This proactive approach will not only ensure the independence and privacy of all cardholders, reducing the potential risk of fraud or identity theft, but will also demonstrate the organizations recognition of how important this assurance truly is.