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KOMPAS.com – Card Verification Value or commonly known as CVV is a term that may be familiar to those who often use online payment transactions via debit cards or credit cards. What is CVVfunction, and how it works?
CVV is also often referred to as CVC (Card Verification Code). This CVV/CVC code is located in the last three digits of the number on the back of credit cards and debit cards (ATM cards). CVV and CVC are the same thing, and the difference is the payment network company that is the publisher.
If a card with the VISA logo uses the term CVV, then credit and debit cards with the Mastercard logo use the term CVC.
Quoted from the page CVV Number, CVV is the last three digits on the back of debit ATM cards, including credit cards. Some credit card CVVs also typically contain four digits.
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CVV is a transaction security code
Although clearly displayed on the back of debit and credit cards, CVV is a very confidential digit number.
Don’t even give a number CVV debit card or credit to others, this is to avoid misuse of CVV or CVC numbers.
With fraud and banking crimes increasingly common today, banks rely heavily on CVV or CVC codes to ensure their customers can transact safely.
The bank will assign a unique 16 digits along with three or four CVV codes behind it. This CVV code is separated from the 16 digits and is printed on the far right along the magnetic tape on the ATM card.
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CVV is a security tool in electronic payment transactions that has been used for a long time, to be precise, started in 1997 by VISA. While Mastercard followed in 2001.
It was only in 2003 that the use of the CVV or CVC feature was standardized to protect customers when making online payment transactions.
CVV is a Secure Socket Layer or SSL. This code is a digital security certification technology to prevent crime.
The difference between CVV and pin
CVV is also not an ATM card pin code. CVV is a replacement code for a PIN and signature which is usually used as verification that the cardholder or customer is indeed the owner of the card when completing transactions both online and offline.
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In addition, CVV is a guarantee for the bank to trust customers’ online transactions even in large amounts. The reason is, if the customer does not include a CVV, then the payment process will be rejected and automatically, even credit cards, usually the card will be blocked.
Here are the differences between CVV and pins:
- The pin is fully regulated by the bank’s customer, while CVV is a unique code given by the bank when issuing a debit card or credit card
- The bank pin can be changed at will by the customer, while CVV is a permanent code
- The pin is used when customers make offline or physical transactions, while CVV is the code needed when making online transactions
- The pin number can be the same for many ATM cards, while CVV is unique, even a debit card CVV always has a different number even though the bank provides a new debit card with the same 16-digit number as stated on the old card.
What is CVV is card verification value.-
Both CVC and CVV are part of the layered security created by the issuing and banking companies.
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That is why, in every online transaction using a debit and credit card, cardholder customers usually have to enter a verification code sent via SMS to the registered mobile number. CVV is a security coating that protects customers.
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