Whenever you make a purchase using your credit card, a CVV code is required to complete the transaction. The credit card CVV is the three- or four-digit number found on your credit card. Wondering what the CVV is for?
What is CVV?
CVV stands for Card Verification Value. It is the three- or four-digit number on your credit card that adds extra security whenever you make online purchases.It serves as the authentication procedure as it verifies that you have a physical copy of the card in your possession.
Different card issuers have different names and locations for them. The CVV for Visa and Mastercard is a 3-digit number at the back of your card (to the right of the signature box). For American Express, it is a 4-digit code which they call Card Identification Number (CID) and is found on the front of the card.
Other bank issuers call it Card Security Code (CSC), Card Verification Data (CVD), or Card Verification Code (CVC).
How Does CVV Protect You from Identity Theft?
CVV provides another layer of protection from identity theft. It can also prevent unauthorized transactions. For “card not present” transactions, merchants often ask for this number in addition to your credit card number and expiration date.
Credit card issuers such as BPI, Metrobank, and Citibank require merchants to ask for your card’s CVV when processing “card not present” transactions. The CVV number is another barrier against fraud. So, if a thief stole your credit card number and expiration date but does not have your card’s CVV, the thief cannot make any transactions from merchants that require CVV.
What are the Types of Code in CVV?
- CVV1 or CVC1: This is encoded on the second track of your card’s magnetic stripe and is used for “card present” transactions. This number validates that the card is in the cardholder’s possession.
- CVV2 or CVC2: This code is meant for “card not present” transactions. This number validates the transactions made online or over-the-phone.
- iCVV or Dynamic CVV: This number is used for contactless cards and chip cards. The number constantly changes which makes it difficult to copy.
All credit cards have CVVs as a measure to ward off fraudulent transactions. This number help prevent fraud but they are not foolproof so it is still important to take steps to protect yourself – be aware of your surroundings and the merchant you’re transacting with.