Finance

What Is the Credit Card Verification Number?

We answer this question in detail in this post. In the case of credit card payments made when making purchases on the Internet, the relevant merchants do not have the opportunity to immediately check whether the buyer is the owner of the credit card. In the past, it was possible to make purchases with stolen credit cards or generated credit card numbers, and the door was wide open to fraud 신용카드현금화.

The credit card operators have reacted and equipped their cards with a credit card verification number generated for each card. This means that purchases can only be made by those who have the appropriate verification number for the card.

In addition to the check number, all credit cards have a check number that checks the credit card number’s mathematical correctness entered. This forms the last digit of the credit card number, which is always on the front of the credit card number. It is calculated using the so-called Luhn algorithm.

THIS IS HOW THE VERIFICATION NUMBER WORKS ON THE CREDIT CARD

When making online purchases with 신용카드현금화, after entering the credit card number, you will always be asked to enter the verification number. In addition to the card number, the expiry date, and the cardholder, this is another security measure that prevents fraudsters from making purchases on the Internet with the card.

Attention: The verification number is not the secret PIN code of the card. Therefore, the PIN code should never be entered when asked for the verification number. The PIN code is usually used to allow the credit card to be used to withdraw money from the ATM.

If a credit card is lost or stolen, this should be reported immediately and the credit card blocked. Because then the finder knows both the credit card number and the verification number with which he could theoretically make purchases on the Internet.

The credit card should never be given away so that nobody can write down the verification number. Care should also be taken to ensure that the cards are not filmed or photographed. Likewise, reputable providers never ask for the verification number by email. These are so-called phishing emails. These should be deleted and reported to the respective credit card operator so that he can react to them.

Final Words

Since 2019 there has been an additional security directive, at least within the EU. According to the PSD2 (Payment Services Directive 2), consumers on the Internet must identify themselves with at least one additional security feature before they can make a payment. This can be done using a transaction number sent by email or SMS and facial recognition or fingerprints. We hope this paragraph answered the question, “What is the credit card verification number?” clearly answered.