CVV Number: Ever wondered why the CVV number is given on debit/credit cards? Know how it works...
CVV, Card Verification Value. As the name suggests, so is the work. Be it debit or credit card, a three-digit CVV number is given in all. This proves to be a very special technique to avoid cybercrime. In the growing online business, cashless transactions with credit cards or debit cards have started becoming more. There is also the risk of fraud. In many cases, the card users have also suffered heavy losses. For this, the companies concerned also keep making their customers aware by making calls and SMS.
What is CVV Number?
During online payment, the Card Verification Value (CVV) number is asked, which confirms that the card member is using the card. This is not in any way the PIN number of the card. The magnetic stripe chip on the back of the card holds all the data. 3 numbers are printed next to it, which is known to the card user only. Do not share this number with anyone.
Required for online payment
The CVV number cannot be copied while using a debit or credit card. If any change is made to the card data, the transaction process is not completed. For information, let us tell you that despite all the information related to credit or debit card being on the online payment platform, the CVV number has to be filled during the transaction. For example, CVV number is required for payment in Paytm, Freecharge.
In some places, CVV number is not required for card transactions. In the meantime, cybercrime gets an opportunity to commit fraud. It is also called card verification code. American Express cards have a CVV number of 4 numbers on the front. It was discovered in the year 1995 by Michael Stone of UK.