Everyone knows that having a bank account is important, especially in today’s age. Everything is automated, and stores and businesses are almost doing cashless transactions nowadays. It’s as easy as swiping a debit or credit card on a POS system, and customers have already paid for the item they have bought.
And to ensure debit and credit cards are safe and secure, there are various security measures added to it. The most notable security features of debit and credit cards are the CVV numbers. If you lack the knowledge about several business terms and clients would ask, “what is a CVV number?” Having extensive knowledge about this is a must, especially when running a business.
To give you a quick summary, CVV stands for Card Verification Value. It’s also commonly known as CSC, CVC, CIN, or CVDs, depending on the card company. Either way, the main responsibility of the CVV number is for security purposes.
The Importance of the CVV Number
Security is essential when it comes to debit and credit cards. Throughout the years, security has evolved, and it’s only getting better each time. Back then, bank account owners had to go through a tough time hiding their bank information because of the lack of technology. But with the advancements in technology, card owners can purposely lose your card, and nobody can ever tamper with it.
The CVV number is also required whenever customers complete monetary transactions using debit or credit cards. Scammers have tried to clone cards in the past so they can use it to purchase anything for themselves. But with the tight security features, using a stolen card for transactions is impossible nowadays.
When did the CVV Security Codes Start?
Everything has a starting point, and the same thing can be with the CVV number. There has been a time where credit and debit card frauds have spiked because of the cards’ lack of security features. For that reason, bank institutions have come up with a method that can help prevent stolen cards from getting tampered easily.
It was the best time to add another security feature on the card, aside from the usual pin code that cashiers ask from the customers. The first CVV code was implemented in the late 1990s and early 2000s. Technological advancements were already catching up to the world, so card companies took advantage of this and developed the very first CVV number on cards.
Aside from security, card companies created the CVV feature because it was also when online shopping was growing. It was a hassle for some buyers to always give cash on-hand every time their order arrived. And because of the rise in online shopping, scammers also tried to ride the wave in terms of illegally purchasing goods off of online stores using credit card information.
Who Invented the First Ever CVV Number?
The first person to come up with the concept was Michael Stone. He was an employee and worked at Equifax. Because of this idea, he was able to add one of the most efficient security features on any debit or credit card. At first, 11 numbers were used for the CVV number. But as time passed, it eventually got lowered to a more reasonable number of 3 to 4.
Now that the CVV has been created, the first ever card company to implement the CVV onto their debit and credit cards was MasterCard, and they implemented it in 1997. Within the following years, American Express did it in 1999, and Visa followed implementing it during 2001.
If customers wonder where the CVV numbers are located, they can find them at the back of the debit and credit cards. Card companies like MasterCard, Discover, VISA, and JCB place the numbers on the back. It’s near the right of the signature space, and find the unique 3-digit CVV number.
Some card companies prefer to place their CVV numbers at the front of their cards. The American Express card company places its 4-digit CVV number at the front face of the card. You can find the number at the above-right of the card number.
Learning about the security features of a card is a must for any business. If customers and clients ask you, “What is a CVV number?,” answering their question will be easy.
It’s just one of the many security features implemented on the card to ensure transactions between a business and a consumer go through without a hitch. Businesses can also help give their clients a better understanding of what a CVV is supposed to do.