If you regularly shop online, you will be familiar with your security code, or CVV (card verification value), a 3-4 digit code on the back of your card (or front with American Express), which is intended to provide added security when making purchases as the cardholder should be the only person who knows what it is.
So, is it safe to give it out?
In general, yes. Although the banks encourage retailers to ask for the code as part of the authorisation process in cardholder not present transactions, the details can still be stolen by an operator or employee of a company you are making payment to. This could especially be problematic when making payments over the phone, as this gives the operator the chance to access your data. The following tips can help you avoid issues with card fraud:
- Only use reputable websites when buying products online
- Keep a close eye on your bank statements to check that all transactions are authorised
- Never give out the security code in person
- Avoid making payments over the phone unless you called them directly and they have PCI compliant software in order to collect your card details securely
If you are a retailer or a business that processes payments on a regular basis and want to ensure your customers feel secure as well as safeguarding your own safety and compliance, then you can contact us on 0330 022 0660 or by visiting our contact page.