What is the meaning of CVV number in Credit Cards?

Ever wondered what is the meaning of CVV, which is found on the back or front of your credit card? If you frequently do online shopping or make digital payments for a purchase, you would have noticed that payment gateways and platforms may have your card saved but they do ask for your CVV to proceed. This is a card security code that is used for verification and is a security feature that helps protect and secure your card.

What is the meaning of CVV number and why is it important?

Every credit card has a CVV number, which is a 3-digit or 4-digit code that is found on the back of your card. Think of this as a key security feature that can’t be stolen in a data breach because merchants aren’t allowed to store this number in their database.

However, not all merchants ask for your CVV during transactions and hence, if someone has noted down your card number then fraud can be committed. You must always remember to take care of your credit card.

Credit Card Customer Care

All banks have the credit card customer care number usually bifurcated on the basis of city/region, to help out their customers during crisis or when they have other doubts and are stuck in a process or transaction. Most of these numbers are toll free.

What to do if you lose a Credit Card?

If your credit card lost or you suspect it is stolen, then here’s what you must do:

  1. Get in touch with your issuer – Reporting loss or theft of credit card as quickly as possible is the most crucial bit. You must get in touch with your credit card issuing bank via phone or SMS service, or visit your bank branch to speed up cancellation or blocking processes.
  2. Keep an eye on your credit card statement – If your card is stolen or lost and not blocked yet for some reason, remember to keep an eye on your statement and transactions for any fraudulent activities.
  3. Keep your supporting documents handy – It would be wise to keep your bank account details handy along with your identity proof and a written record of when you last remember having your card in hand.
  4. Check your insurance cover – Sometimes insurance policies cover credit card theft so it would be advisable to have this added feature in your policy, especially if your credit card limit is on the higher end.

Acting quickly is the most important point you must keep in mind when you lose a credit card as time is of the essence if you want to locate your lost or stolen card.

You can also apply for a credit card, check out payment modes for your credit card and do much more with the help of Finserv MARKETS. There are ample options available for credit cards from different banks and you can choose according to your requirement, budget, and the kind of rewards you wish to reap too.

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