Credit cards make purchases convenient and are used with many safety measures. The use of credit cards has increased (7.02 crore by January 2022), but every business and its clients do not understand those safety measures. Credit card issuers apply a range of security measures that help their clients to get protected from any fraud. It includes OTP, PINs, and CVV.
Many credit card users may be wondering what CVV is and its significance. Let us explain what is the meaning of CVV and everything one should know about a CVV number on a credit card.
What is a CVV Number?
Card Verification Value (CVV) is a three-digit numeric code. It can be a 4-digit code also, depending on the card type. It is vital to complete a transaction online. It is a secret code that the user should never share with any person. Banks or other financial institutions generate the code based on the following details:
- Card Number and Expiry
- Service Code
- Issuer’s Unique Code
CVV2 numbers and CSC (Card Security Code) are also CVV numbers. These are generated by a second-generation process that makes the cards more secure as they are harder to guess.
Where is CVV on your credit card?
A CVV number is given on the back of your credit card, close to its magnetic strip. There are two parts to a CVV number:
- The first part of the CVV is hidden under the magnetic strip on your card. It is crucial data required when you swipe the card on a magnetic reader machine.
- The second part is three digits visible on the back of the card, which you need to make an online transaction.
What is the purpose or importance of a CVV number on your credit card?
CVV (Card Verification Value) is an important means for the safe use of credit cards. You must provide this at the payment window. The cardholder must know it. Even if a fraudster gets your credit card number, no transaction can be done using your card without the CVV.
Is CVV the same as the card’s PIN?
CVV numbers differ from your card’s secret Personal Identification Number (PIN). A PIN is required to make transactions in ATMs or an offline purchase using your debit card or a cash advance on your credit card. You should never enter your PIN when asked for your CVV.
How to Protect your Credit card’s CVV?
You should know that no merchant can save your CVV as per the Payment Card Industry Data Security norms. As CVV is necessary to protect you from potential fraudsters, treat your credit card CVV number as any sensitive information and keep it safe with yourself. Here are the ways to keep it away from prying eyes:
- Don’t save CVV numbers on online Platforms: One should never store card details on shared computers, like in a cafe or other unsecured platforms. If you are using public WIFI, you should prefer to use VPN to protect your card information.
- Don’t store a picture of your card: You should not store a photo of your card’s front and back on your mobile phone. Someone may make unauthorized purchases using your credit card.
- Don’t share your card: If someone secretly stores your card number and CVV code, it may cost you hugely. Avoid sharing your cards with others.
- Install antivirus software: An antivirus software installed on your computer keeps scanning for viruses and flawed tools like keyboard-logging software that hackers or scammers use to steal your financial or personal data.
- Secure the WIFI with a password: You can not give anyone access to your WIFI at your home. It may help scammers to track all the information you send using your WIFI connection.
- Check the reliability of websites: You should check if the website you are using to make a purchase is a trusted one before entering your credit card online information.
- Avoid clicking on suspicious or spam emails: It may be that you receive emails asking for your credit card to offer a reward. It can be a scam.
These measures will help you to avoid becoming a victim of credit card fraud or scams.
Since most businesses accept credit cards, most individuals prefer to make payments using their credit cards. It provides a line of credit to make payments up to the assigned limit. Take advantage of a credit card online with wise usage and safety measures.