20 July 2020 17882

What is the real purpose of the CVV code on the bank card?

A bank card provides an opportunity to refuse cash and make purchases online. However, the same functionality can come out sideways if the digital combinations on the card or it itself will be in the hands of fraudsters. In order to use an electronic account without a plastic carrier, it is enough to have the following information: the card number, its CVV code, and expiration date.

Why apply CVV to a bank card
CVV2-code – a three-digit digital combination that is applied to the back of the bank card. It is a kind of addition to the main code that protects the bank account from criminals.
Before the existence of CVV, it was possible to make a purchase via the Internet only by the card number, without entering any other data.

Regular leaks of numbers led to the fact that scammers began to make purchases with other people's funds. However, the cardholders could cancel the payment, and, consequently, the additional expenses fell on the shoulders of online stores or the banks themselves.
With the advent of the new three-digit code protection, the use of fraudulent schemes has become much more complex. This is because the CVV is not stored in the database after you enter it, unlike the card number.

It would be possible to say that such protection of funds is convenient in all respects, if not for one"but". In case of loss of the plastic card or its transfer to third parties, anyone can take possession of the numeric combination. But since the CVV is not a PIN code, but rather acts as one of the details, it is applied directly to the card, and not written separately in the document.

What happens if you delete the code

The CVV2 combination is needed to make online purchases. In all other cases, it is more of a hindrance, and its falling into the wrong hands can lead to the theft of funds from the account. To protect themselves from such situations, many cardholders delete or paint over the code.
A more reliable protection will be a combination of the two methods, because sometimes even using a dark marker to paint over the code leaves it readable.
Deleting the code will not affect the use of the card in any way, provided that the CVV is stored in memory or recorded. Moreover, the numeric combination refers to personal data that should not be disclosed.

Important! If a store, restaurant, or hotel asks for three digits on the back of the card, each owner has the right not to provide this information.

Recovery method

Before erasing the CVV, it is recommended to write it down on paper and hide it securely with other important documents. So at any time you can see this combination without the slightest risk to protect it. This method has only one drawback – it is impossible to find out the code when you are out of the house.

An alternative is to keep a record of the code in your phone, but it can also be easily lost along with important data.
Another effective way to protect the card is to use a formula that can be written directly on the plastic. Its decryption will be known only to the owner, and you can use it whenever you want.

For example, we take the code 906 and the formula "plus 501", remember it, or write it down in a smartphone. Next, you will only need to subtract the numbers of the formula from the code in order. It looks like this:
• 9 – 5 = 4;
• 0 – 0 = 0;
• 6 – 1 = 5.
As a result of subtraction, the number 405 was obtained, and it should be written on the map with a marker. And then, in situations where you need to apply CVV, you will only need to add the originally specified number to the recorded number.

Practice shows that it is much easier to remember it than the CVV codes from all the cards.
These days, it is difficult to meet a person who uses only one bank account. Setting a limit on online payments will also help reduce the likelihood of fraudulent withdrawals of personal funds.

Scammers are used to capitalizing on other people's weaknesses and inattention. Therefore, you must be extremely careful not to transfer bank cards and bank details from them to third parties. This is especially true for the CVV code, which serves as a certain barrier for attackers when they try to access the funds in the account.

Source: https://xchip.ru/2020/05/29/naznachenie-koda-cvv/

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