Learn about Credit Card CCV & CVC Numbers
When using your credit card, either on the Internet or by ordering something by telephone, it always seems as though you have a lot of numbers to either type in or give out. There is a long series of numbers (usually sixteen) that reflect the credit card’s account number, then there is an expiration date, and finally a sometimes difficult to find set of either three or four digits to provide.
These last numbers are called credit card CVC or credit card CCV numbers. They are meant as an added security measure, or credit card verification value which will hopefully protect your account from those who would misuse your credit by any means possible.
Security must never be lax
No one is safe from fraud and theft, and that is more certain than ever today. Credit information can be gathered in various ways including ‘dumpster diving’, or going through the rubbish of unsuspecting individuals. Whenever you throw your vital information into a public rubbish container without first shredding it thoroughly, it is an open invitation to steal from you.
Even your personal rubbish at home is subject to being vandalised by devious people who evidently have nothing better to do. Once they get the credit card’s account number all they used to have to do is enter it on the Internet, or by telephone to make purchases. If they enter the security codes now known as credit card CVC or credit card CCV they will be able to use your card.
These numbers are now required virtually anywhere you use your credit card or debit card and if thieves do not have the card in their possession they will not have access to that secure code.
What exactly is a CVV number?
The Card Verification Value Code or CVV is simply a means of authenticating your individual card as belonging to you. In combination with the personal account number and the expiration date, your card’s usage should be secured from fraudulent use.
This number is not necessary when using the card to make purchases in person, so if that card has been stolen it will still be vulnerable. This credit card CVV will never by part of the credit card’s account number but rather an individually selected set of numbers exclusive to your card and account.
This is part of a Secure Socket Layer (SSL) commonly used technology which is a digitally provided certification process. The SSL technology has been provided for quite some time on sites that allow online purchases and now applies to the purchaser’s individual card information as well.
Credit card issuers each have a name for this security code
The credit card CVC and credit card CCV numbers are each put to use by various credit card issuing companies, and they have their own individual name for the technology they use. MasterCard calls the code CVC2, American Express refers to it as CID, Discover calls their code CID2, and Visa has dubbed it CVV2 but they are all basically the same credit card verification value which is a standardised security measure intended to protect their customers, and themselves from fraud and theft by credit card.
Debit cards issued by banks have the same security measure in place, providing a means of additionally protecting the card holder. These CVV1 or CVC1 numbers are found near the magnetic strip in the area designated for the card holder’s signature and encoded to provide security for in person transactions. In the case of ‘contactless’ cards there is generally a chip involved which supplies its own electronically generated series of codes. They are called Dynamic CVV or iCVV.
Security codes are not the same as your pin number
Using a credit card or debit card to make transactions either in person, on the Internet, or by telephone is a convenience that we all appreciate from time to time. The ability to take advantage of sales when we don’t have enough cash at the time can be looked on as saving money, as long as the balance is paid off before interest accrues.
Generally in order to pay with a credit card we must sign for our purchases and when paying with a debit card there is a ‘PIN’ or personal identification number that must be applied. These are forms of security and do provide some but there can never be enough when it comes to those who would use our financial information fraudulently.
The addition of credit card CVC and credit card CCV numbers does help by making it more difficult to steal our information.
There is little defence against phishing scams
Purchasing on the Internet can be risky at times, particularly when your valuable credit card information is obtained through phishing scammers. Cardholders can be tricked into supplying their secure credit card verification value number along with the credit card’s number, and date of expiration on bogus sites or non secured sites where we may shop.
We must be vigilant when choosing a shopping web site by verifying that it is valid, and that the site is secured. Although secure, some sites have been ‘hacked’ into by someone who knows how to get into their database, and promptly taking advantage of that information.
Just like identity theft, this form of illegal activity is on the rise and hard to track down. The cost of credit card fraud has risen steadily over the past decade, making each valid transaction cost that much more for each of us. There was an estimated£535 million in fraudulent charges made in the United Kingdom when last tallied in 2006.
Application fraud and skimming are costly to each of us
Criminals can always find ways to deceive and application fraud is one method whereby they steal documents such as bank statements or utility bills, and take advantage of the info they provide to build an informational file which they then use to make counterfeit documents. Skimming is usually found to be an ‘inside job’ committed by dishonest employees working for legitimate business owners.
They obtain credit card info, including those credit card CVC and credit card CCV numbers, then use them for their own purposes or to resell the information to yet more unscrupulous people.
ANZ Low Rate credit card with Added Credit Card Security
Besides being a competitive credit card offer with a low interest rate on balance transfers and purchases, combined with a low annual fee, the ANZ Low Rate credit card also comes with ANZ Falcon 24/7 anti-fraud protection, monitoring any suspicious credit card transactions.
- $58 p.a. annual fee
- 13.49% p.a. on purchases
- 0% p.a. for 18 months with 3% balance transfer fee on balance transfers
- Cash Advance Rate of 21.74% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $15,000 p.a.