Full form of CVV is Card Verification Value. It is generally a three or four-digit number printed on the back of the debit or credit card. It is a security pin generated by banks using their well-defined algorithms to make online transactions more secure.
Where is CVV Printed?
CVV is printed on the back of your card near the Signature Panel.
Features of CVV:
The main reason for the creation of the CVV number is to prevent online transaction fraud. CVV is formulated so that when a person is doing an online transaction the bank can authenticate that the card is physically present with the person, as fraudsters can get the card number easily but the CVV number cannot be decoded easily because according to the card industry data security standards CVV must not be stored in the database of the card issuing company or any payment gateway company. so, it is advised not to share your card number and CVV with anyone.
History of CVV:
- CVV came into existence in the late 1990s and early 2000s due to the increase in online shopping. With online shopping, there is a sudden increase in online credit card fraud due to that reason there arises the need for more security for the cardholders.
- The concept of CVV was first developed in the UK by Michael Stone. Initially, CVV was an 11-digit number but after some time it is quickly reduced to a 3-4 digit code.
- In 1997, the US-based card issuing company MasterCard become the first to implement the concept of CVVs on its cards, and then in 1999 another company American-Express started to print the CVVs on its cards which results in a sudden decrease in online card fraud.
Is CVV the same as Card PIN:
No, CVV is not the same as a card PIN, PIN stands for Personal Identification Number which is a secret passcode created by the cardholder and is used for the transaction at ATMs. On the other hand, CVV is a 3-4 digit code generated by the card issuer and is printed on the back of the card. CVV cannot be changed by the cardholder but PIN can be changed at any time.
Advantages of CVV:
- Makes online transactions more trusted and secure.
- Since it cannot be stored in the database hence if any security breach happens then also there will be no threat of fraud.