The CVV number is required with your credit card number and expiration dates whenever you make an online purchase. The CVV number is known as Card Security Code. Generally, it is a three-digit number located at the back of your credit card, adding an extra layer of security while making online purchases. The benefit of having a CVV number is that it protects your transaction.
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What is the meaning of CVV on a credit card?
What is the meaning of CVV Card Verification Value or CVV is a three-digit number at the back of a credit card. The location of CVV on a credit card and its name vary across different credit cards. For instance, the CVV number on VISA and Mastercard is a three-digit number located at the back of the credit card. Furthermore, you will also find credit cards with four-digit CVV numbers located to the front of the credit card above the credit card number. They are usually known as Card Identification Number – CID.
So, how to use a credit card CVV number?
Whenever you purchase something from a physical store or a merchant out, you will need to enter your PIN to authenticate the transaction. However, to make an online transaction, you have to enter both your PIN and CVV number. Your issuing bank provides the CVV number to protect your transactions against fraud.
The details you will need to provide to make an online transaction include your name mentioned on the credit card, credit card number, date of expiry. After initiating the transaction, you will need to enter your credit card CVV number to authenticate it. If someone steals your credit card number and date of expiry, they will not be able to make a transaction without your PIN and CVV number.
What is the abbreviation for CVV number?
The abbreviation of CVV is Card Verification Value, which is generally a three or four-digit number located on your credit card. It is also available on your debit card. It is worth noting that different issuing banks use different names and acronyms for this security feature.
Here are the common names for CVV:
|Card Identification Number
|Card Validation Code
|Card Security Code
|Card Verification Value
Why is there a CVV number on your credit card?
When you purchase goods from online merchants, they store your credit card information so that you do not have to re-enter your credit card details every time you make a new purchase. But, the disadvantage is that your credit card information is prone to theft. While saving your data, make sure that the website or online app is a reliable platform.
The CVV number on a credit card provides an extra layer of security to protect your transactions. Merchants may store your credit card’s other details, but they are authorized to store your CVV number. It means that even if the database breaches, the hacker will not have access to your CVV number. Without your PIN and CVV number, they can not use your credit card to make unauthorized transactions.
For instance, whenever you purchase something from companies like Amazon, Flipkart, or paying for your Netflix subscriptions, you need to enter your CVV number even though your credit card details are still stored in their database. So, you can rest assured that your credit card is protected even if its details are compromised.
Is there a difference between a CVV number and a PIN?
A personal Identification Number or PIN is a four-digit number you will have to create after receiving your debit or credit card. Whenever you make a cash advance from an ATM or purchase something online, you will need to enter your PIN to initiate the transaction. A credit card’s PIN is slightly different from the CVV number.
The CVV number is auto-generated by your bank when you apply for a credit card. It comes printed either at the back of your credit card or on the front. When you receive your credit card, your bank will provide a temporary PIN, which you will have to change. Whereas a CVV number comes printed on your credit card, and you cannot change it.
It is advisable to pay the above-said points to learn how to use a credit card CVV number while making online transactions. Keep in mind to never share your PIN and CVV number with anyone, even someone is identifying himself as a representative of your bank.