he age of credit cards had Visa and MasterCard include a
added convenience for three digit CVV on the backs of
society, but also some very their cards in the signature
real risks of fraud and misuse. panel and Discover does the same
While shopping on the Internet, thing. American Express includes
for example, there isn't anyone a four digit CVV on the fronts of
to match up the credit card with their cards in varying locations.
a driver's license or a face, and
anonymity can mean that anyone is
using that credit card number. But how does this help with
fraud?
To fight back, credit card
companies are using security The thing with the CVV is that it
measures to be sure that the allows the retailer to see that
person buying items is actually the customer is actually in the
the same person that is signed up presence of the card. Since the
for the card and the bills that CVV is only listed on the actual
come to their house. card, the person using the card
must have the card in their hand
What is CVV? when charging a purchase.
CVV stands for Credit Many online retailers have
Verification or Validation Value. included a separate box for
All major credit card companies customers to fill out with the
started using CVV in order to CVV in order to be sure that the
validate the identity of the user transaction is valid. When used
when the physical presence of the along with the credit card
card or cardholder is not number, more fraud is thwarted
necessary. because it's a double check
system.
While this doesn't help when the And while the Internet has gotten
actual credit card is stolen, it the most attention for the CVV,
does help to cut down on purchases over the phone or by
transactions that are made by mail order can also be made more
those that hack into computer secure with this extra
systems for credit card numbers. information.
This information stealing used to
mean that thieves could charge If you have trouble locating your
hundreds of dollars of CVV, you can contact your
merchandise without a problem, customer service center with the
but now, they need even more number listed on the back of the
information than they might be card, but generally it's easy to
able to get. see where there are extra digits
on the card.
Where else is the CVV used?
About the Author:
Beth Derkowitz recommends Find Credit Cards for finding First Premier Bank credit cards. See http://www.findcreditcards.org/issuer/first-premier.php for more information.
Source: www.isnare.com
