CVV is suppose to be the secret that no merchant is suppose to store. It doesn't work. It can be easily be skimmed from a hacked site and users can be tricked

CVV is suppose to be the secret that no merchant is suppose to store. It doesn't work. It can be easily be skimmed from a hacked site and users can be tricked to give it up with a phishing site. Want to fix credit card fraud online. Make the banks require support for extended address verification so merchants can verify the email address is connected to the credit card. Credit card fraud will be caught faster with less risk to the merchant and credit card holder. People will notice the order confirmation email of fraudulent purchase and reach out to the bank and merchant instead of the old way of waiting till you get your credit card statement. Also for high risk orders(eg: billing doesn't match shipping or digital goods), having a known email helps mitigate risk because they can confirm that the order legitimate before fulfillment.