As technology advances, the trend of online shopping is witnessing major growth with each day passing by. From lifestyle goods to electronic items to even groceries, the switch to digital mediums for initiating such processes and purchasing such items is never-ending. Now, every time you shop online, you use your credit card following which you are asked for a Credit Card CVV number. CVV, which stands for ‘Card Verification Value,’ is one of the most important numbers on your Card (Credit or Debit). What is a CVV Number? What is its purpose? A Credit Card CVV Number is a three or four-digit security code found on both credit and debit cards. This small number plays a big role as it serves as an extra layer of authentication during online or card-not-present transactions. Unlike the expiration date or the card number, the CVV is not stored in the magnetic chip of the card, adding an ultimate layer of security. With a prime purpose of enhancing the security of online and card-not-present transactions, it also tends to add an extra layer of protection beyond the information encoded on the magnetic chip. Depending on the type of card, this number is typically located on the back or front of the card. When you, as an individual, initiate any kind of online transaction via your credit card, the merchant, on the other hand, requests this number along with the card number as well as the expiration date in order to verify the fact that you possess the card physically as well. How does it operate? When it comes to operations, it is a security layer during online transactions, and this particular number is unique to each credit or debit card. To dive deep, this number acts as a dynamic authentication element, as it is not stored in the card’s primary data. Its prime operation is to add an additional layer of security, making it more challenging for fraudsters to use stolen card information. Moreover, when it comes to safety and security, this number is not embossed on the card; it cannot be easily obtained through physical skimming devices, further enhancing its effectiveness in preventing unauthorized/fraudulent transactions. Is CVV and PIN the same? If not, then what’s the difference? No, CVV and PIN are not the same. There are tons of differences between both of them. Here are the top three differences: Location CVV is printed on the back of your credit card while the PIN is chosen by you and memorized. Visibility CVV should never be shared anywhere except secured online payment platforms. On the other hand, PIN should be kept confidential but may be needed verbally for certain transactions like phone banking. Prime Purpose CVV verifies your identity for digital transactions, while PIN does it for physical card transactions. Security CVV helps prevent online frauds where the physical card is not at all required. On the other hand, PIN offers an additional layer of security for all the physical transactions. Even if the card is stolen/lost, it would require a PIN to complete the transaction. Authentication Method CVV, which is basically a static code, does not change unless the card is reissued to the cardholder. Whereas, a PIN is a dynamic code which is only known to the cardholder. It must be entered right every single time for a successful transaction. Conclusion All in all, the CVV serves as a crucial security feature in credit as well as debit card transactions. It offers an additional enhanced layer of protection by simply verifying that the person making a purchase physically possesses the card. Always keep in mind that this number should never be shared with anyone! Read More about Stashfin- Online Cash Loan Mobile Loan Online Apply Credit Line Loan
