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The Definition Of CVV Number On A Debit Card
Debit card is frequently used to make online payments. It can be used to pay for utility bills or for purchase of any costly item such as laptop and so on. Debit card holder is not required to worry on the amount of money that he/she can spend with his/her debit card. Till the time there is sufficient balance in card holder’s bank account, he/she can continue to perform transactions with the debit card.
Conducting online transactions is highly risky. Any kind of information provided online can be subject to misuse and can be used for fraudulent purposes. Since debit card is used for performing online transactions, it is important for the card holder to use it only on well known websites. A debit card holder should avoid sharing of information available on his/her debit card, in particular the card number and CVV number on any new or unknown websites.
Definition And Location Of CVV Number
Every time, we use are our debit card for making an online payment, we are required to enter four main fields: Debit card number, name, expiry date and CVV number. CVV number is generally available on the back side of a debit card. CVV is a three digit code and its full form is “Card Verification Value”. It is also known as Card Security Code (CSC). However, CVV is the most common term used in the context of online transactions.
Irrespective of the nature and amount of transaction, CVV number is required to be entered by the card holder. A CVV number should not be confused with the Personal Identification Number (PIN) which is required to perform various transactions through an ATM machine or at retail outlets. It is important to note that we are not required to enter PIN while performing an online transaction.
Purpose And Importance Of CVV Number
In order to reduce the possibilities of online frauds, banks and debit card companies have come up with an extra requirement of CVV number which is required to be entered by the card holder every time he/she intends to use the card on internet. The requirement to enter CVV number is mandatory because it establishes the fact that the card is in actual possession of the card holder.
It is quite possible that a perpetrator may get access to a debit card number and expiry date through various means, but he/she will be able to perform an online transaction only when CVV number is available with him/her. It is important to note that while your debit card number may get stored on a website, CVV number will never get stored on a website. Debit card holders should avoid sharing CVV number in response to emails or messages seeking debit card information.
Earlier, online fraudulent transactions could easily take place because CVV number was either not available or was not required to be entered while conducting an online transaction. Even though CVV number may not offer complete protection to the debit card holder, still it is a useful mechanism which can help in reducing the possibilities of unauthorized and fraudulent transactions.
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