What is CVV Number? How does it work? Where to find it?
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When you make an online purchase using your credit or debit card, the card number and the expiration date are not the only information you are asked for. The vendor will also require your CVV number to process your transaction. What is CVV, how to find it, why it is so important, and more – read on to find out.
What Is CVV?
CVV stands for Card Verification Value. CVV is a 3 or 4 number that is printed on the card which provides a security feature to verify that the person using the credit or debit card during a transaction is the actual card owner. It adds a security layer to protect a person’s sensitive data during online transactions.
How Is CVV Generated?
CVV number is not a random number. It is generated using a complex algorithm that involves the card issuer’s unique key, the card number, and the card’s expiration date. The CVV code is not stored on the magnetic stripe or chip of the card, which makes it difficult for hackers to obtain it.
Where Can I Find CVV Number on my Card?
It is usually printed on the back of the card for Visa, MasterCard, and Discover cards. For American Express cards, the CVV is a four-digit number located on the front of the card.
What Is the Purpose of CVV?
All credit card and debit card providers have created a system where every card generated has a unique CVV code. This code is generally required when you are making online or virtual transactions using your card. The purpose of the CVV is to establish the owner’s identity and help safeguard the credit and debit card against theft, fraud, or unauthorized transactions.
How does CVV Protect You From Identity Theft?
Debit and credit cards are generally used for virtual payment gateways or online transactions. It is against the law for these portals to save the CVV number of the cardholder. This means that even if the vendors have your card details, they cannot access your CVV. Since the CVV is not stored in the databases, in situations where your card information is compromised, the fraudster cannot use your card because they cannot access the CVV. Hence, CVV acts as a security layer and protects your card against identity theft and other fraudulent activities.
Difference between CVV and PIN
PIN | CVV |
---|---|
User-created personal identification number | Automatically generated and printed on the back of the card by the credit card issuers |
Mostly a 4-digit number | 3-digit code |
For credit cards, PIN is used for cash advances and for debit cards, PIN is used for cash withdrawals from ATM and point of sale (POS)s |
Used for online transactions or for virtual payment gateways |
DOs & DON’Ts While Using CVV Number
DOs
- Keep your CVV safe and never share it with anyone.
- Only enter your CVV on secure websites.
- Check your bank statements regularly for any fraudulent activity.
- Contact your card issuer immediately if you suspect any fraudulent activity.
DON’Ts
- Don’t write down your CVV or store it in an easily accessible location.
- Don’t share your CVV with anyone, especially if the person requesting it is not authorized to do so.
- Don’t enter your CVV on unsecured websites.
Why Do Online Stores Ask For Your CVV Instead Of Your Pin When Checking Out?
Online stores ask for your CVV instead of your PIN when checking out because CVV is a security feature that verifies the card’s authenticity, whereas a PIN is used to authorize transactions at a point of sale (POS) terminal. Since online transactions do not involve a POS terminal, CVV is used as an additional layer of security to ensure that the person using the card is the actual card owner.
How Can You Protect Your CVV?
To protect your CVV, never share it with anyone, especially if the person requesting it is not authorized to do so. Also, avoid writing it down or storing it in an easily accessible location. Only enter your CVV on secure websites, and if you suspect any fraudulent activity, contact your card issuer immediately.
All credit cards and debit cards have CVVs to prevent fraudulent purchases made online or on the phone. CVV is harder to access than your other card information, but it doesn’t always guarantee protection. They help prevent fraud, but they are not foolproof. Therefore, it is important that you always take necessary precautions to protect yourself while transacting online or on your phone.
FAQs
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What is full form of CVV?
The full form of CVV is Card Verification Value.
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No, you should never share your CVV number with anyone.
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Is CVV 3 or 4 digits?
CVV can be either three or four digits, depending on the card issuer.
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Where is CVV number on a debit card?
The CVV number is usually printed on the back of the debit card, near the signature panel.
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Can someone use my credit card without CVV?
It is possible to use a credit card without a CVV, but it is more difficult to do so as most online merchants require the CVV to process transactions.
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Can I pay online without CVV?
It depends on the merchant’s requirements. Some online merchants may allow payments without CVV, but most require the CVV as an additional layer of security to prevent fraudulent transactions. It is always recommended to use a CVV when making online payments for added security.