If you have ever purchased online or over the phone, you are likely familiar with the three sets of credit card numbers you need to provide. The numbers mentioned are the credit card number, expiration date, and CVV. If you are experienced in online shopping, you will know the location of the CVV. We will comprehensively explain the security measure implemented on your cards, covering all the necessary information you need to know.
The CVV of a credit card serves as an additional layer of security to protect against fraudulent activities. The CVV, also known as the card verification value, is sometimes called the CSC, which stands for card security code. The numbers on a credit or debit card play a crucial role in preventing fraud, particularly in virtual transactions, which are becoming increasingly common. When you purchase online or over the phone, providing the CVV (Card Verification Value) reassures the merchant that the investment is legitimate and authorized.
When you use your card in person, retailers can verify your identity by checking your ID to ensure you are the right cardholder. However, merchants cannot do the same when you purchase online. The CVV serves as a substitute for personal identification. Additionally, your card carrier can verify your card’s unique CVV if verification becomes necessary.
Not all merchants will ask for your CVV when you make a purchase. However, this does not render a merchant illegitimate. Regardless of the situation, it is always essential to ensure you provide your credit card information to a merchant whom you trust.
Where can I find the CVV on my card?
Card carriers may print their Card Verification Values (CVVs) in various locations on their cards. Therefore, it is crucial to be aware of the specific area of the CVV on your card(s). If you possess a Visa, Mastercard, or Discover card, you can locate the three-digit CVV on the back of your card, positioned to the right of the signature strip. The number may also be next to your entire credit card number or just the last four digits.
If you have an American Express card, you can locate the CVV on the front side of your card, specifically on the right side. Additionally, it is essential to note that American Express refers to this number as a Card Identification Number (CID). The Amex CID consists of four digits rather than three.
The CVV: A Shield for Your Protection
The CVV on a card is beneficial for making online purchases. Once again, it serves as an additional safeguard against fraudulent activities. Even if a hacker obtains your credit card number, expiration date, and full name, they would still require your CVV to carry out a transaction successfully. Fortunately, CVVs are not as readily accessible as other details of your credit card.
This is attributed to the Payment Card Industry Data Security Standard (PCI DSS). Amex, Discover, Mastercard, Visa, and other leading credit card companies established the standard information storage rules. One of the main stipulations of the policy is that merchants are prohibited from storing your CVV after you have made a purchase. However, merchants are not prohibited from holding the remaining information of your card, such as the credit card number. This feature enhances the difficulty for criminals in locating the CVV associated with your credit card number.
The CVV collaborates with the magnetic strip and the newer EMV chip technology on a credit card. The CVV printed on your card is encoded within the magnetic stripe. The chip has a digital equivalent of the CVV, the Integrated Chip Card Card Verification Value (iCVV). Whether you swipe or insert the chip in person, the CVV will still be confirmed when you use your card in person.
Several limitations are associated with using a Card Verification Value (CVV) as a security measure.
The cardholder themselves often causes the issues that commonly occur with CVVs. Fraudsters resort to alternative illegal methods, as acquiring your CVV from a credit card database is problematic. This includes procedures such as phishing and physically stealing your cards.
These scams can occur in occasional emails or pop-ups on your computer, tempting you to purchase online. Some scams can be easily identified due to misspellings or other obvious errors. However, since online merchants frequently request the entry of CVV, hackers can exploit this by including the exact requirement on their fraudulent page. Hackers can quickly access your account if you provide credit card information, including the CVV.
Indeed, there is always the possibility of physically stealing your credit card. In this scenario, the thieves do not require hacking as all your information is readily available on the card. I recommend you cancel your card as soon as possible, contact your card issuer to request a new card, and dispute any unauthorized charges to your account.
In essence
Although in-person purchases are not foolproof, online transactions pose a higher risk of fraud to you and your personal information. Credit card providers have implemented CVVs (Card Verification Values) and associated regulations to address this issue. These measures are designed to enhance the security of your personal credit information. You can also protect yourself by ensuring you only enter your card information on websites you trust.
