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The three-digit code on the back of your credit card could be the only barrier between you and a credit card thief. Entering the three-digit security code is a requirement to use most credit cards online, but never assume that all merchants are trustworthy. Scam artists often set up fake websites or send fraudulent emails to trick you into giving up your three-digit code and other credit card information.
Issued by banks and other financial institutions, debit cards are methods of payment that draw off the balance in your checking account or pre-paid debit account. Debit cards make shopping on the Internet and over the phone easy, but it is important for financial institutions to implement safety measures to protect you in case someone should intercept your debit card number and attempt to use it. The verification code is one of these important safety measures.
As more people use credit cards to make payments online and in person, avoiding credit card fraud becomes a bigger concern--both to the people using the cards and the businesses at which they use them. Credit card verification techniques help your business ensure that the credit cards customers are using are valid. Teach your sales staff how to make sure that credit cards are valid.
A credit card verification code (CVC) is a number used by credit card companies to help eliminate fraud in transactions when the actual card is not available. The code is a 3 or 4-digit number that must be entered, along with the account number, at the time of a transaction. Through encryption, it provides validation of the data associated with the card.
