Debit or Credit card CVV: Know why its the most important number
CVV stands for Card Verification Value. Usually, CVV is a three-digit number (Visa and MasterCard), but, in some cases like American Express uses four digits.
Government's thrust to digital payments and the Covid-19 pandemic have made the online shopping a necessity. Every time one uses a debit or credit card, it becomes mandatory to provide CVV number to complete online financial transactions. No doubt, many of us are familiar with this number but only few know the true significance of CVV.
For the benefit of novice, Zeebiz provides complete details related to CVV.
What is CVV?
CVV stands for Card Verification Value. Usually, CVV is a three-digit number (Visa and MasterCard), but, in some cases like American Express uses four digits. The number is found at the back of the Card near the space provided for signature.
Also, a CVV number is unique, and it is not derived from either Card Number or PIN or the expiration date on the Card.
See Zee Business Live TV Streaming Below:
What is the use of CVV?
The primary purpose of a CVV is fraud prevention. According to the information available on Citibank website, CVV is formulated so banks can ask for an easy but authentic set of numbers apart from the Card Number, for authentication.
Why is CVV more important than Card Number?
According to Citibank, hackers are able to get Card Numbers of people through nefarious means, but they are not able to get the CVV numbers that are there on cards.
So, when this CVV number is also included in the prerequisites for authenticating a transaction, it eliminates that much of risk.
One must also remember that while merchants are authorised to save your Card Number, they are prohibited from storing the Credit Card CVV in their databases, which is why you need to enter it every single time you use it.
Debit or Credit Card users should also note that CVV just adds an extra layer of security and protection from financial frauds but it does not make the frauds impossible.
Don’t ever post pictures of your Credit Card on social media or anywhere public. Ensure that the computer you use to do online purchases is safe and protected with anti-malware and anti-virus software.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.