CVV Full Form

You can discover a lot of online fraud around you nowadays. One of the most common of them is Bank fraud where the fraud asks for either your pin or something related to your bank, and the account gets empty within seconds of your data leaking. The banks have come up with various schemes to mitigate the risks that these frauds have created for their customers. One of these schemes is the use of a unique 16-digit number on the card, along with a card verification value (CVV) that shouldn’t be trickled to anyone. You may find the CVV of your card on the flip side of your debit or credit card, ensuring lesser risk from the frauds going around us.

What is Card Verification Value (CVV)?

A card verification value (CVV) is a security feature issued by your bank on the flip side of your debit or credit card. The mentioning of the CVV implies that the person has the card physically with him and that the card can be used remotely by the cardholder for transactions that don’t make use of the bank cards physically. Other names of card verification value include card security code, card verification number, verification code, card verification data and card code verification. The use of a CVV is different from why PIN is used. On one hand, the PIN is used for ATM transactions, while on the other hand, CVV is used particularly for making online purchases with your bank.

Types of Card Verification Value (CVV)

The security code has four categorizations encompassing iCVV, CVV, dCVV and CVV2. On one hand, iCVV, CVV and CVV2 are present on the card itself in the magnetic strip at the back of the card. However, the other one i.e. dCVV is found when you make the transaction. These security values are based on your account number, service code and the expiration date of your card. The calculation of a CVV is made with the requisition of a cryptographic algorithm that gives us encoded account information of the cardholder. If the entered CVV is incorrect, then that is the signal that there might be potential frauds trying to hack your account.

1)CVV

The CVV is a three-digit distinct number that is calculated with the help of a cryptographic algorithm, which can be used to ratify the account information of the account holder. This security code is used during magnetic-stripe transactions, even after the verification of the account with the help of the PIN.

2)CVV2

This security code is used during the card absent environment that is printed and can be found on the back of all the Visa cards issued by the bank. The calculation process for this code is a bit different from what we do in CVV.

3)iCVV

With the assistance of an iCVV, you can effortlessly refuse the issue of magnetic-stripe cards that are created with the help of the chip card data. These contactless chip interfaces also need to have a strong EMV authentication cryptogram, lessening the riders of fraud and further risk.

4)dCVV

Being the last categorisation of CVV, this is an authentication procedure that is calculated with the help of a digital contactless chip interface. That’s how the threats of counterfeiting and the risk of settlements are reduced.

Importance of CVV

The card verification value (CVV) helps in protecting your money against the scams and threats of fraud that are increasing these days. Furthermore, the presence of a CVV with the person verifies that the person has the card physically with him. Apart from that, the online payment portals aren’t allowed to save any such details of the bank, thus making it safer. So, even if the card details are saved, the person is required to enter the CVV to make transactions.

Difference between a CVV and the PIN

PIN stands for Personal Identification Number, whereas CVV stands for Card Verification Value. The PIN can be changed by the account holder, but the change of CVV isn’t in the hands of the account holder. This means that CVV is static and PIN is dynamic which can be changed anytime. You can use the same PIN for different cards, but the CVV of every card is unique and distinctive.

Conclusion

Even if there are various security methods for the customers, the frauds go beyond these and can trap the customers in their fraudulent activities. If you see that you are being scammed, immediately inform the police regarding the same. However, if the money gets debited from your bank account, immediately inform your bank, sooner you inform them, the more are the chances of you receiving your money back. There can also be cases where if your money has already been caught away in a fraud, some other fraud will connect you to bring your money back after making a certain transaction of money from your bank account. If you are aware of this kind of scam, don’t forget to be aware of the people around you. Take some time to learn about the methods and procedures the frauds use to take away your money and then make people aware of that. The more you make people aware of these acts, the fewer are people falling for these traps.