With the enhancement of digital payments, debit and credit cards have gained distinct importance. However, with the advantages of digital payments comes the possibility of online fraud. That is why cards are enabled with security features to protect your card from fraudulent activities.
One significant security feature in debit and credit cards is Card Verification Value (CVV). The CVV number is crucial for completing online transactions securely and safeguarding your card from online fraud. In this article, we will discuss everything about CVV numbers in detail.
What Is the CVV Number?
TheCVV number on a debit card stands forCard Verification Value. It is a3- or 4-digit code found on the back of your debit or credit card. The CVV number ensures that you carry out online transactions securely.
Any person conducting online financial transactions needs physical access to the card to enter the CVV number and a registered phone number to verify the security code. This means that if a fraudster obtains your credit card or debit card number, it will not be enough to defraud you.
In addition, the number acts as an extra level of security when you swipe your card in the Point of Sale (POS) machines. You must protect the number and not share it with anyone; otherwise, it may lead to fraud.
What Does the CVV Code Reveal?
Here are the things theCVV number on the ATM cardreveals:
- Bank numbers
- Service code
- Expiration date
- Unique code, which is only known to the bank issuing the card, as it converts into a 3-4 digit decimal code for verification and authentication of the card.
Hence, it is a crucial safety feature in your debit or credit card, which will protect your card from misuse, as without CVV, fraudsters cannot complete the transaction.
How to Find a CVV in a Debit Card?
Finding your debit or credit card's CVV number is simple. You can look for theCVV number on the backside of your card, as it is printed below your card's magnetic strip. Moreover, the magnetic strip hides the first 3- to 4 digits of your CVV number, allowing you to use thelast 3 or 4 digits as aCVV number for online transactions.
However, if you possess an American Express card, you will find the CVV number on the front side of the card, up above the Amex logo.
Types of CVV
There are two types of CVVs that you must know as a debit or credit card holder. They are as follows:
- CVV1
The magnetic strip on the backside of your card covers the initial portion of your CVV number. It contains unique data related to the card, and the POS machine reads it when you swipe it. This information is different for every card, and you do not need to share it with anyone.
You may notice that some merchants do not ask for the PIN, yet they receive the payment. This happens because the card reader can see and identify this number.
- CVV2
It is the last 3-4 digit number on the back of your card. It is crucial for completing an online transaction. Unlike CVV1, this code cannot be scanned by a machine and requires the customer to enter it.
Although the payment gateway can store the details of your card, it cannot store the CVV2. Whenever you make an online transaction, you must enter the number each time in the payment gateway, irrespective of the number of times you use the same service.
How Does CVV Protect You from Frauds?
The specific design of the ATM card CVV number is to prevent fraudulent activities during online transactions. When you use a payment getaway to makeonline transactions, it doesnot store your CVV number to protect your money from hackers.
When you want to pay using your credit card or debit card, you must have the card in your possession to enter the CVV number. It restricts identity thieves from doing fraudulent activities. Identity thieves cannot provide the CVV number to conduct online transactions without physically possessing your card.
In addition, the CVV1 under the magnetic strip is an extra security level when you swipe your card in POS machines. On the other hand, the CVV2 is required when you make payments for online purchases. In short, it is beyond the fraudsters’ abilities to get hold of your CVV digitally.
How Can You Protect Your CVV?
Here are a few tips you can follow to protect your CVV number from fraud:
- If you use your computer to make online transactions, make sure the system has an antivirus installed, as it will scan the potential threats of hackers in the system.
- Always make payments and conduct banking transactions through a protected Wi-Fi network.
- Input your debit or credit card information on trusted websites only and avoid websites without the SSL padlock.
- If you use public Wi-Fi, ensure to use a VPN to protect your information.
- Avoid sharing photos of your cards with your close ones or over the internet, as it can be a huge mistake.
- Avoid unsolicited requests that ask you about your card’s details.
- Check your online transactions regularly to track each financial activity.
Dos & Don'ts While Using CVV Number
The following are a few dos and don’ts you must follow when using the CVV number of your card.
Dos:
- Memorise the CVV number of your debit or credit card.
- Change the PINs of your cards frequently.
- Subscribe for email or SMS alerts to be notified when your account is debited or if anyone else accesses it.
- Regularly monitor and verify transactions to seek for fraudulent transactions.
- When you receive the card from the bank, sign it on the backside.
- If you lose your card, you must report it immediately to the bank.
Don’ts
- Never share your card details, like PIN, CVV, etc., with anyone.
- You must not share the OTP with anyone.
- Avoid online transactions when you are using public Wi-Fi.
- Ensure not to throw the transaction slips you receive from the ATM.
- Avoid using ATMs if you think they are tampered with.
- Avoid responding to unsolicited calls or emails asking for card details.
The CVV number is a crucial security feature in your card that protects your account from online fraudulent activities. Without a CVV number, you cannot use your card to make online payments. To ensure you stay financially secure, do not share your card details with anyone to protect your finances and avoid scam calls asking for your debit or credit card details.
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