Why is the CVV Code Important for Secure Transactions?

The CVV code or Card Verification Value number is a 3 - 4 digit code, usually located at the back (and sometimes at the front, as in case of AMEX) of a debit or credit card. When you purchase things or make a payment for a service online, you have to enter this code in order to continue with your payment and finish a transaction. Today, this is an important code in the financial domain. Find out how it helps in achieving secure transactions. 

Helps prevent card data imprinting

It was introduced to bring about a higher level of protection for users while trying to transact online. For skilled hackers, it can be easier to gain access to expiration dates numbers and other details on credit cards. But tracking down CVV can be much more difficult for them because of the PCI regulations. While expiration date and credit card number can be stored by online merchants, the CVV code cannot be stored. With a CVV code, you can get that additional layer of security you need during online transactions.

Cannot be stored by online merchants

As a matter of fact, an online merchant cannot store the code – even as he stores the rest of the details on a card. This is due to the Payment Card Industry Data Security Standards that are in place. According to this regulation, online merchants or payment authorization websites cannot keep a copy of this code. Thus, you will not find it being shown in suggestions even when try to enter credit card data on apps that you use quite often. You need to type the CVV code into the box each and every time that you want to make a new payment. 

Cannot be copied

At the time of swiping your card somewhere, the code cannot be copied. This is because this number is not contained in its magnetic strip. Even when an imprint of your credit or debit card is made or other data from the magnetic strip are copied, the CVV code cannot be noted down. However, without this all-important code, it is impossible to complete a transaction or draw money out of your bank account. 

In order to keep finances safe, multiple layers of security features have been introduced by card issuing companies. The CVV code is one of these safety features and can ensure your financial security at all times.