Just What Is That CVV Number On Debit Cards?
The CVV number on debit card reverse sides is a security code designed to aid in the verification of any card-based electronic banking transaction.
CVV stands for Card Verification Value, but this is but one of many handles applied to this three-digit (sometimes four-digit) code.
It is also referred to as Card Security Code, Card Verification Code, Card Code Verification, and so on and so forth. This code is largely in use to protect against credit or debit card fraud.
The CVV Number On a Debit Card Has Variations
The CVV1 is used for transactions in person and is encoded onto the magnetic stripe on the back of the card.
This ensures that date on the magnetic stripe was issued by the appropriate banks and is valid.
A limitation of this security feature is that if the entire magnetic stripe of a card is duplicated, as often is the case in credit card fraud cases, then the encoded number is also included in the fraudulent copy.
The CVV2 code is the most used and cited. It is simply printed on the back of the card and is not automatically copied whenever the card is duplicated. It is commonly used for any over the phone or Internet based transactions where the card or cardholder is not present.
CVV2 codes were implemented in the face of growing fraud incidents. The thinking is that a visual record rather than an encoded one is more difficult for criminal merchants to copy without arousing the suspicion of the cardholder.
Don’t Confuse It with The Account Number
This code is not to be confused with the card’s actual account number that is embossed onto the front side.
The account number is usually sixteen digits and undergoes a unique set of verification procedures during any given transaction. CVV numbers are also unique from PIN or any other passwords that are used in the verification process.
The CVV Debit Card Number is Widely Used
Most credit and debit cards issuers such as MasterCard, Visa, Diners Club, Discover, and JCB feature a three-digit code printed on the back of the card. American Express cards use a four-digit code that is printed on the front of the card.
Other than the number of digits and the location of the code on the card, there really is no utilitarian difference between these two versions of the code.
Although these codes have done much to protect consumers, there are still limitations and cardholders must be careful at all times. CVV number on debit cards do not protect against “phishing” scams or any other fraud wherein the cardholder is duped into giving out information. The important thing is for all consumers to protect their information diligently particularly the CVV number on debit cards.
Read Wikipedia’s description of the CVV number & other numbers
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