What Is CVV in a Debit Card?
Card Verification Value is an authentication process designed by debit/credit companies to reduce fraud during internet transactions. This requires the card holder to enter a CVV number at transaction time to verify that the card is on hand. This is now present on most major debit and credit cards and a security feature in a majority of "card not present" transactions.
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Definition
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CVV stands for Card Verification Value. However each debit / credit card company has its own name for the CVV code. For example, Visa calls it CVV2, with the MasterCard term is CVC2, with American Express calling it CID.
Why
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Thefts have increased since the advent of the internet online purchasing and cards not being actually present during transfers. If someone is in possession of a card number and expiration date, in the past they have been able to make payments just by knowing the name and postal address as verification. There was no way of telling whether it was the card holder making the transaction.
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Verification
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The CVV code helps to ascertain that the debit card is in the possession of the customer placing the order and that it is a legitimate account. The customer must enter it after entering all of the card details. It is not part of the card number itself, so must be entered every time, even if for example a computer remembers credit card details, the CVV number must be re-entered.
Position on Card
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The CVV number is found on the back panel of most debit/credit cards. It is preceded by the card number or the last four digits of the card number, and is itself a three- or four-digit number. It is not part of the card number itself.
Users
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For users who are worried about submitting this number online for identity theft purposes, all credit companies use Secure Socket Layer technology certified by a digital certificate to ensure that your information provided remains private.
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References
- Photo Credit credit card detail image by gajatz from Fotolia.com
