CVV/CVC stands for Card Verification Value or Card Verification Code. Simply put, CVV/CVC is an anti-fraud security feature printed on the signature panel on the back of your card and used to verify that you are in possession of your card. CVV and CVC have the same functions and are used for different types of cards.
Main functions of CVV/CVC
All financial institutions/banks issuing credit or debit cards would develop a system in which every card is provided with a unique CVV/CVC code. This code is required to complete any transaction carried out using the card. When your card expires, this CVV/CVC code will no longer be valid.
For Mastercard/Visa cardholders, CVV/CVC may have already became familiar as it would always be required for every online transaction. This is required to ensure the card and its holder’s safety.
Important notes to remember when using CVV/CVC for online paymentsTo ensure your card and account’s safety, below are some Do(s) and Don’t(s) to take into consideration upon making transactions via your card.
|– Only pay online at well-reputed websites with trustworthy encryption technologies|
– Use your private computer/laptop or your mobile phone device to make transactions
– Make sure your computer/device is equipped with a firewall/ virus-protection software
– Keep your receipts/invoices to cross check them with your billing statements
|– Ignore the terms and conditions of use before paying on any website |
– Use public devices to carry out online transactions
– Save accounts attached with your card details in your browsers
– Let someone take a photo or write down your card details
Find out more about other card safety guidelines here.