RBI advises its customers to remember their CVV number as soon as they get their debit or credit card. After memorizing, if possible, erase the CVV number from the card. This reduces the possibility of fraud.
Credit Debit Card Tips: Often banks warn their customers through messages not to share details related to their credit and debit cards with anyone. Especially it is advised not to share CVV and OTP number. Cases of fraud with credit and debit cards keep coming to light every day.
CVV number is very important from security point of view. A small mistake can cause your bank account to become empty. Therefore, RBI advises its customers to remember their CVV number as soon as they get their debit or credit card. After memorizing, if possible, erase the CVV number from the card. This reduces the possibility of fraud.
The entire game of online transaction is based on the three digit CVV number. Actually, when you do shopping and other types of payments sitting at home, you use credit or debit for this. CVV and CVC codes are used during online transactions. Without this the transaction is rejected.
What is CVV or CVC code?
Actually, have you ever tried to know what is CVC code and why is it important? This is a kind of code, which is on the back side of the credit card or debit card. You are often asked for this number while doing online transactions. The full form of CVV is (Card Verification Value) and the full form of CVC is (Card Verification Code).
CVV is a number which, at the time of a digital transaction, confirms that the cardholder is responsible for the payment. The payment is confirmed as soon as it is used during online transactions. CVV is also a security layer like OTP, which keeps your payment safe. Every financial institution gives CVV code to its customers.
When you fill your card details while booking a train ticket or during transaction through various apps including Paytm, you are asked for CVV code. If you do not fill this code then the payment remains incomplete. That means without CVV no transaction is possible.
Why is CVV code necessary?
Although CVV code is used only for security. It is on the back side of the card and whenever we take out the card in any public place, its upper part is in front, in which the card number and expiry date is mentioned. In such a situation, because the CVV code is on the back side of the card, people are saved from becoming victims of fraud.
History of CVV
There are some codes on debit cards and credit cards, which are called Card Security Code (CSC). It was invented by Michael Stone in UK in 1995. After CSC’s investigation, the ‘Association of Payment Clearing Services’ adopted this security concept. In the initial phase, CVV codes were of 11 digits. But later it was kept from 3 to 4 digits.