Sunday, May 19, 2019

Whats the use of CVV in Creditcard?

Often, I always get questions from my colleagues, friends and my kids why it requies CVV in creditcard alone though its been there long time now. Wanted to write something on the need of CVV.

If you have done any type of online shopping, you will most likely have had to input your credit card’s CVV. The CVV is the three digits on the back of your card (four on the front if you have an American Express card), which act as an anti-fraud measure.

But what does CVV really mean, does it go by another name and is it safe to give out over the phone?

What is a credit card CVV?

CVV stands for a card verification value.
It can also be called a card verification code (CVC) or card identification number (CID). It is the anti-fraud measure for when purchases are made without the card being presented, for example online or over the phone. It is the way that the retailer can ascertain that you have the physical card and are therefore authorised to make the purchase.
If you want to get technical, it is a Secure Socket Layer (SSL), which is a digitally provided certification process. The CVV was introduced in order to reduce fraud for internet transactions and provides a cryptographic check of the card’s information. This means that the CVV is not part of the card number itself; instead it is separate.

How do I find my CVV?

For cards provided by Visa and Mastercard, the CVV is on the back of the card. However, you may be fooled by the fact that there are more than just three numbers on the back of your card. This is because providers typically include the last four digits of your 16-digit account number, followed by the CVV.
Of course, American Express often dances to the beat of its own drum. So if you happen to be an American Express cardholder then you will find the CVV on the front of the card, and it will be a four-digit number instead of three.

Is it safe to give out my CVV?

Most of the time, yes – it it safe to give your CVV. As I mentioned, the CVV acts as an anti-fraud measure. So if you are required to input your CVV when making an online purchase, this is a good sign that the retailer takes fraudulent transactions seriously. You may also be asked for your CVV when making a purchase over the phone. If this is the case, make sure you are not in a crowded place. While it is unlikely, there is always a small chance that your conversation could be overheard and your information recorded.
If you are making a purchase in person, you do not need to give out your CVV; your PIN or signature is enough for the retailer or service provider to process the transaction.
If you lose your card or have it stolen, make sure you cancel it immediately. If someone has your physical card, and therefore also your CVV, there isn’t much to stop them making online purchases.

Conclusion

Overall, a CVV is a good thing. The CVV adds an extra layer of security to online purchases, verifying that the user has the card at the time of the transaction. As with anything to do with credit cards, there is a risk of fraud – but using your CVV means there is a check when you are performing a ‘card not present’ transaction. The CVV provides a second number that fraudsters would have to steal in order to use your card without your authorisation.

As always, if you are concerned with making purchases online or over the phone using your credit card, monitor your account closely so that you can spot any fraudulent transactions.

Similarly, some providers or credit rating agencies set up notifications to alert you when they suspect that your card has been used without your authorisation.

10 comments:

jaga said...

how to do reflex credit card login

JIMY said...


good blog.

 Cloud Based Firewall

CISCO Firewall
   

Meenakshi Sundaram said...

Thank you everyone for your remarks

Anonymous said...

We are one of the leading financial institution across India. We have moved a step forward and planned to offer cash against credit card in Chennai. Along with this, we are planning to launch mortgage loans and user car loans very shortly. In terms of withdrawing cash in ATM, it is one of the easiest way to encash it through credit card.

check our website link
credit card swipe for cash in chennai

EvaniaFlo said...

Dapatkan keseruan dengan deposit minimal 10ribu di Donaco Poker...Menangkan bonus jackpot hingga puluhan juta rupiah tanpa ribet...
Kami Berikan Tips Cerdik Untuk Anda Tips Cerdik Poker

Ikuti Promo Menarik Setiap Bulannya dari Donaco Poker...Dapatkan Bonus Chip Setiap Hari....

Gunakan OVO pay dan Via Pulsa untuk memudahkan dan mempercepat proses deposit anda!!

Dapatkan Juga Bonus Dari Donaco Poker...
- Bonus Deposit 15% New Member Weekend.
- Bonus Deposit 10% Next Deposit Weekend.
- BONUS DEPOSIT HARIAN 5%
- BONUS ROLLINGAN MINGGUAN 0.5%
- BONUS KEJUTAN LAINNYA

Hubungi Kami Secepatnya Di :
WHATSAPP : +6281333555662

MapleHillOutsourcing said...

Excellent and detailed Post!
Thanks for sharing this information.
Bank Reconciliation UK

Custom Boxes Mart said...
This comment has been removed by the author.
Muhammad Azwar said...

http://bit.ly/2Dj7aJI

Claws Custom Boxes said...

credit card boxes protect your card form damage. such brilliant information you share credit card Boxes

Hisabkitab said...

Nice blog post. Surat Cloud-Based Accounting Software empowers businesses to achieve financial excellence by providing a feature-rich, user-friendly platform that enhances collaboration, automates processes, and ensures compliance.