Ever wondered what that three-digit or four-digit code on the backside of your credit or debit card is? It is called the CVV card verification value code. It is also commonly known as CSC card security code or CVC card verification code. The CVV code is a security feature developed first in the UK, which is not surprising as Europe has always been ahead of the US in payments technology. MasterCard was one of the first card issuers to use it in CVV code is used as a replacement for PIN personal identification number during CNP card not present or online transactions to prove the possession of the card with the buyer. However, does CVV or CSC code provide enough security? It is not even mandatory for merchants to enter a CVV code to process the transaction. It has also been proven that CVV codes cannot protect against phishing scams. Once the criminal is successful in his phishing attack for a CVV code, he can make as many transactions as possible using the card details. Dynamic card verification value dCVV or dynamic card verification code dCVC technology is the most secure version of a CVV code until now. To overcome the possible risks and fraudulent activities associated with a printed CVV code, NagraID Security NIDS , the world leader in display card manufacturing announced dynamic card verification value dCVV technology in March In August , Oberthur Technologies, a French digital security company, acquired NagraID Security. The e-ink technology enables a permanent display without the need to use electricity from the ultra-thin battery embedded within the plastic. However the availability of such additional information is possible in Europe since the cards are wired to bank networks. In US, that is yet to happen. It will be interesting to observe the results of this nascent financial technology in Europe and then in US. It also remains to be seem whether the extra electronics cost in the cards can be supported by the savings from reduced fraud, or whether the issuer banks will need to charge higher interchange for these cards. It is unlikely that consumers can be convinced to pick up the tab for this additional functionality. About Latest Posts Follow me Aboli Aboli is a marketing specialist and a FinTech analyst based in Charlotte, North Carolina. Her FinTech articles bring together her research skills and industry knowledge. Having been an observer of the technology space and the start-up ecosystem in the Silicon Valley for more than a year, she likes to analyze and write about exciting and innovative companies in the payments and commerce industry. Follow me Latest posts by Aboli see all How Non-Bank Incumbents are Dealing With the Rise of FinTech - January 27, Exclusive Interview With Sam Rehman, CTO of Arxan Technologies: In-Depth Insights on HCE Security, HCE vs. NFC and Android Pay - January 27, A First for Asian FinTech: IRIS Analytics brings Real-Time transaction Security through its Scoring System Paypal Continues to Take Preemptive Security Measures; Companies Scramble to Meet EMV Liability Deadline OnlineEMVPay — Using ProxyEMVPay Cards for Secure In-App Online Payments Fast Fraud and Merchants: Curated and delivered daily. Stay Fresh on FinTech. Get our Daily Insights. Aboli is a marketing specialist and a FinTech analyst based in Charlotte, North Carolina. Latest posts by Aboli see all How Non-Bank Incumbents are Dealing With the Rise of FinTech - January 27, Exclusive Interview With Sam Rehman, CTO of Arxan Technologies: One of the Largest Ever Series B Rounds with Both Public and Private Investors - January 25, About Contact Us Disclaimer Careers Privacy Policy. Close Window Loading, Please Wait! This may take a second or two.
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