Credit Card
Summary: CVV, or Card Verification Value, is a three or four digit number printed on the back of the Credit Card. Read this article to learn about the use and significance of the CVV number.
07 Jan 2023 by IDFC FIRST Bank
It is said there is no place for secrets among friends and family. However, this does not apply to your credit card. It may be hard but there are good reasons why the details on your card should be kept secret. The details prominently printed on a credit card include the full name of the card holder, card number, date of issue and date of expiry. These details are the first level of security and should not be shared with anyone. The most important number though on your card is the CVV.
The CVV needs to be kept secret in order to safeguard your card against misuse by unauthorised persons.So even if your credit card today is most likely ensconced in your wallet as you stay indoors, the CVV may be used if you are transacting online. Have you ever wondered what the CVV behind your card stands for? To know more about the CVV, read on.
What is CVV?
CVV stands for Card Verification Value. This number is vital for completing online transactions and should never be shared with anyone. The CVV number is generated by credit card issuers (banks or other financial institutions) based on the following details:
- Credit Card number
- Service code
- Card expiry date
- Issuer's unique code
How do I locate the CVV in a creditcard?
Locating the CVV is simple. It is the three-digit number at the back of your credit card. For certain types of credit cards, it could be a four-digit number printed on the front.
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Components in a CVV
There are two parts to the CVV number.
- The first part is covered in a striped magnetic strip. It contains crucial unique data pertaining to yourcredit card. This information is recovered when the card is swiped through a magnetic reader machine.
- The second part consists of digits which need to be entered while making an online or telephonic transaction. This security number is one of the manyadvantages of a credit card.
What is the purpose of the CVV?
CVV is to credit card what a security guard is to an establishment. It helps safeguard your credit card against theft, fraud or unauthorised transactions. The CVV ensures that only the card owner uses the card. Even if someone gets hold of thecredit card number, they cannot transact without the CVV.
Is CVV the same as my card’s PIN?
Your card’s Personal Identification Number (PIN) isNOTthe same as the CVV. The PIN is used for making in-person transactions with the card or at ATMs. Whereas the CVV is used when makingpayments onlineor over the phone.
What if I swipe my card?
Fortunately, unlike other details of a card, the CVV cannot be stored while swiping or while punching online. Even though the CVV provides security, it does not absolve users of the caution they should take while using a credit card like not sharing the CVV with others.
We hope this article has been informative with respect to the nuances of a credit card. With IDFC FIRST Bank, you can get a lifetime free credit card and earn up to 10x reward points on every purchase. Clickherefor more details!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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As an enthusiast and expert in the field of credit cards and financial security, I bring a wealth of knowledge and experience to shed light on the crucial topic of Card Verification Value (CVV). My expertise in this area is underlined by a deep understanding of the intricate details surrounding credit card security.
The article you provided discusses the significance of the CVV, or Card Verification Value, which is a vital element in ensuring the security of online transactions. Let's break down the concepts mentioned in the article:
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Credit Card Details Security: The article emphasizes the importance of keeping credit card details confidential. Information like the cardholder's full name, card number, date of issue, and expiry date are considered the first level of security and should not be shared with anyone.
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CVV (Card Verification Value): a. Definition: CVV stands for Card Verification Value. It is a three or four-digit number printed on the back of a credit card. b. Importance: The CVV is highlighted as the most important number on a credit card. It serves as a key security feature to prevent unauthorized use.
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Generation of CVV: The article explains that credit card issuers, such as banks or financial institutions, generate the CVV based on specific details, including the credit card number, service code, card expiry date, and issuer's unique code.
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Locating the CVV: The article instructs on how to locate the CVV on a credit card. It is typically a three-digit number on the back, but for certain types of credit cards, it could be a four-digit number on the front.
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Components of CVV: a. Two Parts: The CVV is described as having two parts. b. Magnetic Strip Data: The first part is covered in a striped magnetic strip, containing unique data retrieved when the card is swiped. c. Digits for Transactions: The second part consists of digits used for online or telephonic transactions.
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Purpose of CVV: a. Analogy: The article compares the CVV to a security guard for an establishment. b. Security: CVV safeguards the credit card against theft, fraud, or unauthorized transactions, ensuring that only the card owner can use it.
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CVV vs. PIN: a. Distinct Purposes: The article clarifies that the CVV is not the same as the card's Personal Identification Number (PIN). b. Usage: The PIN is used for in-person transactions or at ATMs, while the CVV is used for online or phone payments.
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CVV and Swiping: The article assures that unlike other card details, the CVV cannot be stored when swiping the card or making online transactions.
In conclusion, the article provides valuable insights into the importance and functionality of the CVV in securing credit card transactions, emphasizing the need for users to exercise caution and keep their CVV confidential.
