What is a CVV Number

Cash takes up less and less space in the life of modern man. Electronic wallets, virtual and bank cards replaced them.  So, what about security? In this article, we consider confidential data elements of cards.

What is the CVV number?

Online shopping has long been not news, but rather the norm of modern life. According to the latest forecasts, in 2021 global e-retail sales will amount to about 4.8 trillion dollars. Because buyers mostly pay with plastic cards, approximately 3 billion credit cards are widely used worldwide.

When shopping online or over the phone, shoppers are often asked to enter a CVV. But what does this combination of numbers mean and why is it so important? CVV (Card Verification Value) is a three-digit security number printed on a plastic card. Its main purpose is to prevent unauthorized transactions. When the seller requests a CVV or CVC, he thus verifies the cardholder.

The combination of numbers is on the back of the card. The last 4 digits of the bank card number and code are marked next to each other. This code is usually located closer to the signature of the bank’s client.

To avoid confusion, you should understand why several names are used to denote a security code. Some people know it as CVV, while others believe that CVC is the same guarantee of data confidentiality. So what’s the difference? The fact is that payment brands do not agree on one option and prefer to call a three- or four-digit number by different terms, but they all mean the same thing. Here are the values you can see:

  • CVC / CVC2 is the name used by Mastercard
  • CVV / CVV2 is an abbreviation of Visa
  • CID / CID2 – the so-called combination of numbers on the American Express card

How can fraudsters use CVV or CVC code?

The level of various machinations to protect bank cards has reached its peak. In order to further protect the user, banks are introducing even more specific ways to protect cards. In addition to the PIN code, many cards already have a secret CVV code – security code. This is a special type of protection that increases the security of the owner’s funds to the maximum.

Typically, hackers can use the security code in several cases:

  • To make a purchase in an online store;
  • To replenish the account;
  • To transfer funds to an e-wallet;
  • To withdraw cash without a card.

In order to learn the user’s CVV code, sometimes robbers go to various cunning tricks. Here are the most popular schemes for how to access the CVV code and the necessary information:

  • The scheme of such operations is that attackers create sites such as financial institutions, and then ask the user to follow the link and confirm their data. A questionnaire can be opened on such a site and thus the visitor himself provides all the necessary information;
  • Sale of things. It can often happen that the buyer says that the terminal requires you to enter the security code from the card to credit the required amount. This is not true, because such information will never be needed when checking the information in banks;
  • A letter with a request to confirm the information about the client can be sent by mail or by SMS. Such letters are usually warning, and sometimes threatening, that if the information is not provided, the card will be blocked. Thus, the client without hesitation writes all the necessary information if only not to block the card.
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