Recently, more than half of Ukrainian society has been actively using the Internet for shopping. And this is not surprising, because buying online is much more convenient and profitable, and it takes less time. During virtual shopping, there is no need to leave home and stand in long queues, in a short time you can study the entire assortment, find the necessary goods, compare prices in several retail outlets, and study real customer reviews.
Since when paying for goods or services online, buyers use debit or credit cards, for a successful transaction it is necessary to enter all payment information: number, expiration date, CVC2 code (sometimes first and last name). But some uninformed buyers may have questions about the use of CVV, some even confuse it with a PIN code or card number. So what does this short 3-digit code mean and why is it so important?
Let's figure out what the CVV/CVC code on a card is, where it is located and how to use it correctly. You will learn why you need the CCV code, whether it can be shared with anyone and how to protect your data when making online payments.
What is a CVV/CVC code and why is it needed?
The CVV or CVC code is a special 3-digit security code located on the back of a bank card next to the signature field. Translated as “verification code” or “card verification code”. It provides additional protection for cards from unauthorized access and helps identify the cardholder when making online payments in an online store.
Depending on the payment system to which the card belongs, this additional security password may be called differently. For example, for Visa cards it will be called CVV (Card Verification Value), and for Mastercard cards it will be called CVC (Card Verification Code).
Ways to find out the CVV code. Where to find the CCV code on the card?
If you are a Visa or Mastercard cardholder, finding the CVV code is quite simple. To do this, you need to turn over the physical plastic card and see three digits. But if you don’t have the card at hand or the combination of digits has been erased, you can do this in the application of the bank where you are served. In this case, you need to go to the “My accounts” section, click on the account with the desired card and select the “Find out CVV code” option. You can also contact the call center for advice and follow the operator’s recommendations.
However, if you want to find out the three-digit combination of numbers of someone else's bank card, you can do this only with the permission of its owner, for example, when you are helping one of your relatives or acquaintances to make an online transaction. All other ways to find out the CVV/CVC code of someone else's card are unlawful and illegal.
How to use a CCV code and how does the verification system work when making online payments?
When making purchases online, the user is redirected to a secure payment page where they must fill out a form. To confirm payment from the cardholder, the following information must be entered:
- card number;
- its validity period;
- CVV digital combination.
Additionally, some banks may use additional security measures for added protection. This could be a regular SMS or push notification with a four- or six-digit password that you need to enter in a specific field. You may also receive a notification in your bank's app asking you to confirm the payment.
First, make sure you are making a payment on a secure website. To do this, be sure to check for a lock in the web address field, which, when clicked, should display the message “Your connection is secure.” Also, make sure the website address begins with the prefix https://.
Where and to whom can I report the CVV/CVC code?
It is forbidden to communicate the CCV combination to third parties. It is not recommended to share this security password even with close people, otherwise attackers may try to use it and carry out illegal transactions on the Internet. This digital combination is secret information and should be known only to the cardholder. The three-digit code can be entered only in the appropriate field on special payment forms, for example, at the card verification stage or when paying for goods, mobile Internet or utilities online.
Please note that police officers, mobile operators or other government organizations, and even representatives of your bank, do not have the right to request card details, including the CVV/CVC code.
How is a CCV different from a PIN?
The point is that these two tools are used for different operations. So, the PIN code may be needed when logging into the banking application, as well as when withdrawing cash and paying in regular stores through terminals that do not have PayPass technology. The PIN code is not indicated on the card, that is, the owner of the plastic should simply remember it and not tell anyone. In addition, you should not write down the PIN on the card itself or in unsafe places. It is recommended to store it in a special program for storing passwords, just in case. For example, in Bitwarden or LastPass. But if necessary, you can always change it in the banking settings.
But the CVV code, as you already understood, is only needed during virtual shopping on the Internet and confirming financial transactions. Unlike the PIN, it is printed on the back of the card, and it is more difficult to keep it secret.
Can the CCV code change?
Unlike the PIN code, it is impossible to change the special additional three-digit password on the back of the card. Therefore, it is worth protecting these numbers like the apple of your eye. If fraudsters somehow manage to get hold of the card data, including the CCV code, then you will have to reissue the card.
But if you are a monobank client, then you don’t have to worry anymore. After all, in the bank’s application, anyone can activate their own or dynamic code for increased security in a few clicks. If you choose the latter, it will change once an hour. And you can find out the current code for a transaction in the application settings. It will definitely not be available to attackers, and once it is activated, the code is invalid.
How to protect your CVC/CVV and what to do in case of fraud?
When shopping online, you need to be especially vigilant and attentive so as not to accidentally get into an unpleasant situation and lose your hard-earned money. Criminals know perfectly well what a CVC code is and why it is so important, so they are constantly inventing new ways of cheating and schemes to lure money from ordinary citizens. And in order not to become their victim, it is important to follow all basic precautions:
- Install proven and reliable antivirus programs. This important component of virtual security should not be ignored.
- Never disclose the CVV/CVC code to third parties and do not enter it in the presence of other people or in places of excessive attention.
- Do not store your security password and PIN in messages, notes on your phone, or in a separate file on Google Drive. Do not send anyone a photo of your card and a photo of its back. If your email or messenger is hacked, all your valuable information may end up in the hands of scammers.
- Try to shop online in places where the Wi-Fi connection is securely protected by a password.
- Never click or enter data on unknown payment links sent to you by suspicious individuals in messages or emails.
- We recommend making payments in stores that use 3-D Secure (3DS). This is an advanced level of protection where the payment is additionally confirmed in the app or with a code from SMS.
- If you lose your card, block it immediately and reissue it. This will prevent fraudsters from using your card details and stealing your money.
- It is recommended to open a separate account for online payments, where you can periodically deposit the required amount of money for payment.
- Be sure to set a limit on withdrawing funds and conducting online transactions.
- Make sure your financial number, where you receive verification codes, is secure. The physical card should also be secure and no one should have access to it.
- Additionally, it is worth enabling SMS notifications to monitor card transactions.
- Activate two-factor authentication, if available.
Unfortunately, every year the number of cases of fraud with bank cards only increases, and it is unlikely that it will ever end. Gullible and inattentive people have always been and will be, and unscrupulous fraudsters will not stop using it. That is why you need to be constantly on the lookout, strictly follow all the rules of security on the Internet and make purchases only in proven online stores with a good reputation.
And what to do if someone found out my CCV code without your knowledge and has already managed to withdraw some of the funds from your account or make a number of transactions? All that remains is to contact the bank where you are served and block the card. Fraudsters cannot always know the amount of money on the card, and they have to guess. Therefore, as soon as you notice an unauthorized withdrawal of funds, be sure to notify your bank manager and block the account. After that, you need to contact the police station or cyber police at your place of residence and report the crime. The case will then be investigated either by an investigator or an inquiry inspector.
To summarize
Finally, it is worth adding that CCV is not just random numbers, but an increased level of security password, with which the bank card holder confirms his identity. Its purpose is to prevent unauthorized transactions. Therefore, every bank card holder should know his CVC/CVV code and when to use it. The main thing is not to disclose this digital combination to fraudsters in any case for the safety of your financial accounts.
