In an effort to reduce fraud and identity theft, the U.S. Federal Trade Commission (FTC) has developed a Card Verification Value System (CVV2). The Card Verification Value System is comprised of a security mechanism, the CVV2, which can be used to protect a cardholder's identity. The security mechanism prevents unauthorized use of a card and protects against unauthorized transactions.
A card is either a debit card credit card, or prepaid card. A cardholder's security needs the CVV2 system which is composed of three elements – a key, a secret, and a PIN. When a card is used, a key, usually consisting of a series of letters and numbers, is entered into a device that authenticates the user by checking whether the PIN matches the password. If it matches, the cardholder receives a verification code and that code is displayed on the screen to inform the user that he/she is authorized to make a purchase.
A Card Verification Value System is designed to ensure that a cardholder cannot be forced to pay for a product or service that he/she has not ordered or paid for and that cannot be refunded to the cardholder. For example, if a cardholder buys a bottle of wine, the cardholder enters his/her credit card information, which includes his/her name, address, phone number, email address, and a PIN. If the cardholder is denied, he/she can call the wine shop and get the bottle of wine. The process is automated for cardholders who make a purchase through a merchant account.
According to a U.S. Federal Trade Commission (FTC) press release, “Card Verification is designed to make life easier for the consumer as well as to help prevent and detect fraud.” Card Verification Systems has helped millions of consumers with fraud protection. It was also able to protect millions of consumers from identity theft, which is one of the major threats today.
Card Verifications are based on two primary elements, the key and the secret. The key consists of a series of alphanumeric characters, such as numbers, letters, or symbols, while the secret is a set of numbers or letters that do not reveal the name of the cardholder, but only the numerical value. associated with the card.
In addition, the card Verification System uses an authentication module which performs a mathematical algorithm to verify a user's authorization before allowing a transaction. Since a person's identity can be easily verified, the system can also prevent unauthorized access to the cards.
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