By OneCard | May 18, 2023
The internet has revolutionized the way people shop and make transactions. But with the convenience of online transactions also comes the risk of online fraud. One of the most critical security features that helps protect customers from getting duped online is the Card Verification Value (CVV). Read on to know all about it and get tips on how you can secure it.
A CVV is a unique code generated by the credit or debit card issuer. It is typically located at the back of your card, on or near the signature panel. It is also known as a Card Security Code (CSC), Card Verification Number (CVN), or Card Identification Number (CID). The CVV is typically required when making online purchases or transactions that do not need a physical card swipe.
The CVV code, which is a three or four-digit number, provides an extra layer of security during transactions. Unlike other card information like the card number, expiration date, and cardholder name, the CVV is not stored in the card's magnetic stripe or chip. This makes it harder for fraudsters to steal and use your card information for unauthorized transactions.
It's important to note that there is a difference between CVV and PIN. Your PIN is a four-digit code you use to authenticate your identity when making transactions at ATMs or purchasing at point-of-sale terminals. On the other hand, a CVV is used for online transactions to verify that the person making the transaction either has physical possession of the card or has a virtual card which will be verified through passwords.
Also, CVV is generated by the card issuer at the time of issuing the card, and it remains the same till the card expires. If you want to change your CVV, then you need to issue a new card. While the PIN is initially generated by the card issuer for the first time use or temporarily and later on, you can change your PIN whenever you want.
The only difference is that CVV2 is used for card-not-present transactions, such as those made over the phone or via email.
It's important to protect your CVV because it is an important security feature that helps prevent fraudulent transactions. Fraudsters can use stolen credit card information to make purchases online, but they need the CVV to be able to complete the transaction. Therefore, keeping your CVV safe and not sharing it with anyone can help prevent unauthorized credit card use.
In addition, some merchants may require an additional step, such as entering an OTP, to further verify the transaction. This is because CVV alone may not be enough to prevent all types of fraud. It's always a good idea to be aware of the security features offered by the merchant you are transacting with and take extra precautions, such as regularly checking your bank statements for any suspicious activity.
To protect your CVV and credit card information, it is important to follow certain precautions:
So, CVV is a critical security feature that protects people from fraud by protecting credit and debit card information during online transactions. Following the above mentioned precautions, you can protect your CVV and credit card information from fraudsters and ensure you get a safe and secure online shopping experience.
If you are looking for a credit card that is a combination of advanced tech, convenience, and security, then OneCard is an excellent choice for you. With the OneCard app, you can control your credit card very easily. You can set transaction limits for particular types of transactions, block/unblock your physical card with one tap in case it is missing or stolen, and change your PIN anytime you want.