Debit card users encounter the term CVV when utilising their cards for transactions. Understanding the concept of what is CVV in a debit card is essential so that you don’t let anyone misuse your card for transactions illegally. Locating a CVV (card verification value) number on a debit or credit card is simple. It is printed on the backside of the card. You can find this three-digit number just below the magnetic strip. These three digits are mandatory to finalise any online transaction.
It is common for you to confuse CVV with your debit/credit card’s PIN. Although the CVV is also needed to complete a transaction, it differs from the PIN. The PIN is usually created by the user to execute any transaction, whereas the CVV is already printed on the card and is required for online transactions. Moreover, a PIN can be four or six digits long, while a CVV is generally three digits long.
When to use a debit card CVV & when you shouldn’t?
When making online payments, a CVV code is an essential requirement. This three-digit number is there on the back of your debit card. It is required to confirm that you physically possess the card. Without this code, online payments cannot be processed, which helps to reduce the risk of fraud. In this way, banks maintain a simple layer of security that protects both you and the merchant from potential fraudulent activities.
Things you should know
Hackers are always looking for new ways to steal personal and financial information. Online transactions are particularly vulnerable to fraudulent activities, as merchants can easily record card details during payment. If a hacker gains access to your card details, they can use it to make unauthorised purchases, which can lead to significant financial loss.
To prevent fraudulent activities, the industry data security standards prohibit the storage of CVV numbers. This means that even if someone gains access to your card details, they cannot copy the CVV number and use it for unauthorised transactions. Therefore, the CVV code is easier to guess if someone has physical access to your card.
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Protection against fraudulent activities
The CVV number plays a significant role in safeguarding bank customers from fraud. When making an online purchase, the card number, expiry date and CVV are required to complete the transaction. It acts as an additional layer of security to ensure only the person who physically possesses the card can make the payment.
So next time you receive your debit card after its application is approved, check the CVV and use it wisely.
Conclusion
The CVV number is an essential component of online security. Its purpose is to protect both the customer and the merchant from potential fraudulent activities. By requiring the CVV number during online transactions, banks have reduced the risk of unauthorised purchases and ensured that only the person with physical access to the card can make the payment. So, the next time you do any transaction online using your debit card, carefully fill in the CVV field to ensure a safe and secure transaction.
