Some declines are obvious in being fraudulent when nothing matches , my beef is not with them.
However some declines (increasingly frequent) make just no sense. I've been seeing declines that have matching CVD and AVS info AND are Verified by Visa authenticated on mere~25$ amounts of for returning customers.
We process quite a large volume per month and dont have any processing limits with our processors.
I've always been wondering why don't credit card companies just implement PIN authentication instead of signatures, like for example bank debit cards?
Wouldn't that just save millions and greatly reduce the need for anti fraud call centers,mathematical formulas and FDBM (Fraud detecting black magic)? I know fraud will always be there, but i guarantee it will be greatly reduced by the above.
Furthermore , Pen signatures are so yesterday and i cant count how many times i've scribbled nonsense on that signature line with no one checking anything. Come to think of it, all my credit cards have the signature on the bank almost wiped off from constant insertion and removal into my wallet.
One can argue there's the "impulse purchase" aspect of credit cards and adding the extra step of authentication would give more thinking time to impulse purchases , which is always a disaster, but really , when was the last time you changed your mind between swiping your bank card and punching in the pin?
I really dont want to ask my customers for their name , address , phone number , blood type and how many beers they had last night when all they're buying is yellow rubber ducky for the bathtub , but credit card companies leave us no choice and most customers choose not too unfortunately.
Simple to implement mandatory PIN authentication on all CC transactions removes the need for all this and means lower fraud handling costs for both banks and merchants, which translates most definitely into savings passed onto the customer, not to mention peace of mind.
I'm sure someone up there must've thought about this and the reason this is not implemented eludes me..