CVV (Card Verification Value)
A security code on payment cards used for verifying card-not-present transactions.
Detailed Description
CVV (Card Verification Value)
What is the primary purpose of the CVV?
The primary purpose of the CVV is to verify that the person making a transaction possesses the physical card.
Where is the CVV located on different types of cards?
The CVV is typically on the back for Visa, MasterCard, and Discover cards, and on the front for American Express cards.
How does the CVV enhance transaction security?
The CVV helps mitigate fraud risk by confirming that the customer has access to the physical card during card-not-present transactions.
What should consumers do to protect their CVV?
Consumers should never share their CVV, shop on secure websites, and monitor bank statements for unauthorized transactions.
What are some limitations of the CVV?
The CVV is susceptible to phishing attacks and can be used for unauthorized transactions if card information is stolen.