No, they wouldn't "remove" any security. Credit card processors do two things. They get an authorization to charge the amount of purchase, and (if you provide them this information) they verify the numbers in the billing address and ZIP code, as well as the CVV code.
In the case of U2's example, they would test the "122" and the "70777" to see if they get a match. Same with the CVV code, if provided. They do not verify names. Only numbers.
They give this information back to the merchant (authorization code, as well as "match" or "no match" on the numbers), and it is up to the merchant what to do with the information. If the merchant wants to settle the transaction, the merchant will get paid whether the numbers match or not.
Of course, there are indeed rules that the merchant agrees to abide by. But in practice, hardly any large merchant does.
|