How CVV Combats Fraud By: Beth Derkowitz The age of credit cards had added convenience for society, but also some very real risks of fraud and misuse. While shopping on the Internet, for example, there isn’t anyone to match up the credit card with a driver’s license or a face, and anonymity can mean that anyone is using that credit card number. To fight back, credit card companies are using security measures to be sure that the person buying items is actually the same person that is signed up for the card and the bills that come to their house. What is CVV? CVV stands for Credit Verification or Validation Value. All major credit card companies started using CVV in order to validate the identity of the user when the physical presence of the card or cardholder is not necessary. Visa and MasterCard include a three digit CVV on the backs of their cards in the signature panel and Discover does the same thing. American Express includes a four digit CVV on the fronts of their cards in varying locations. But how does this help with fraud? The thing with the CVV is that it allows the retailer to see that the customer is actually in the presence of the card. Since the CVV is only listed on the actual card, the person using the card must have the card in their hand when charging a purchase. Many online retailers have included a separate box for customers to fill out with the CVV in order to be sure that the transaction is valid. When used along with the credit card number, more fraud is thwarted because it’s a double check system. While this doesn’t help when the actual credit card is stolen, it does help to cut down on transactions that are made by those that hack into computer systems for credit card numbers. This information stealing used to mean that thieves could charge hundreds of dollars of merchandise without a problem, but now, they need even more information than they might be able to get. Where else is the CVV used? And while the Internet has gotten the most attention for the CVV, purchases over the phone or by mail order can also be made more secure with this extra information. If you have trouble locating your CVV, you can contact your customer service center with the number listed on the back of the card, but generally it’s easy to see where there are extra digits on the card. About the Author: Beth Derkowitz recommends Find Credit Cards for finding First Premier Bank credit cards. See www.findcreditcards.org/issuer/first-premier.php for more information.

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