CARD VERIFICATION VALUE (CVV) is usually a three or four-digit number either present on the back or front of your debit or credit card. On a VISA, MasterCard or Discover branded debit or credit card it is of three digits whereas on an American Express card it is of four digits. The CVV has different names like CSC (card security code), card verification number, card verification data (CVD), and signature panel code (SPC). It is a security feature provided on respective cards for payments and transactions. It is useful when you are involved in a “card-not-present” transaction like that on your computer.
What is the use of CVV????
CVV is a security feature that is present on your card to prevent bank frauds, especially during online transactions. It was initially used as an alphanumeric code of 11 letters but then later was struck down to three digits and four for brands such as American Express.
CVV2 is also the same as the original CVV but is more secure and harder to crack as it is developed by the “second generation”. The CVV during a payment makes sure that you physically have the debit or credit card during the transaction.
Also, the CVV number protects your data online from different companies. They may have your account number, your card number but they never can get your CVV and hence without it any type of data that you have provided attached to your card remains with you
Is it the same as the PIN?
If you think so it’s a big “NO”. PIN stands for (Personal Identification Number). It is provided to you by the bank to use when you are having a transaction at the ATM. However, both these numbers should not be shared and kept confidential they both have different works at different places. PIN is the one usually which you use to withdraw money from ATM while CVV is used with online merchants.
Is there any risk if we share it?
It is a wrong belief that the CVV is less important than the PIN and it’s not risky to share it. If you see in the current scenario it seems just the opposite, in the USA more than 3 million people reported an online bank fraud in the year 2018. The number of these frauds is huge and devastating and mostly happens as people share there card number and the CVV. It takes just a few minutes after entering your CVV to transfer all the money from your account to the one who is doing the bank fraud. The banks even recommend not telling this to the one closest to you.
People need to understand that this facility of providing CVV was given for making their accounts more safe while transactions and to ultimately reduce frauds. If you use CVV wisely and with full awareness of where or to whom you are providing it, online banking is an addition to your luxury.
So, this was about what CVV is and how to use it. I hope it helps you out.
Be safe out there!!!!