The Main Purpose of the CVV Number on a Credit Card
On every transaction you make using your credit or debit card, a unique 3-digit CVV code is required to complete the transaction. Have you ever thought about the importance of the CVV number is? A CVV number is the acronym for Card Verification Value. It is required to complete transactions using cards, but along with that, it also provides added security against scams.
What is CVV number used for?
All financial institutions that issue credit or debit cards have developed a system in which every card is provided with a unique CVV code. This code is required to complete any monetary transactions that are carried out using the card. CVV number is different from the PIN number which is like a password to complete card transactions. CVV number is present on the back side of your card on the magnetic strip. It verifies that the card is physically available with the individual using it during the transaction.
CVV Protects You against Fraud
Debit and credit cards are mainly used for online transactions or for other virtual payment gateways. These portals are not allowed to save any information about the CVV number of the cardholder since it is against the Per Payment Card Industry Data Security Standards. Hence, even if the vendor has all the other details of your card, they cannot access the CVV. This makes it impossible for anyone to misuse your card information. So if there is a breach in the data security of the credit card issuing company, the CVV is not stored in the databases. This makes it impossible to use your credit card for transactions without the CVV.
Does CVV have any drawbacks?
The only drawback is that if the credit card is entirely duplicated with the magnetic stripe and the fraudster has access to your CVV code as well, then the card can be easily misused.
Now that you are aware about the role that CVV plays on the credit card, share this information with others as well to protect people from being a part of a scam.