Criminals are getting trickier which means consumers need to get smarter. Scammers are becoming quite good at obtaining credit and Check card information, but the three-digit security code included on the back of your credit cards is not so easy. The security code, known as CVV2, is designed to enhance security by allowing merchants to verify the user’s card during “card-not-present” transactions and intended to reduce the occurrences of fraud for transactions such as online purchases and phone orders in which the merchant does not physically process the card.
The CVV2 is a 3-digit number, separate from the account number, printed on the back of the card in the signature panel, or, in the case of American Express, a 4-digit number on the front of the card above the account number. These security codes are not included in the information encoded on the card’s magnetic strip or on receipts. Therefore, even if scammers have managed to acquire a credit card number, they may not manage to fully utilize the information unless they also acquire the CVV2/CVC2.
If scammers have already acquired your card number but not the card, they might try to enhance the usefulness of the stolen information by getting the corresponding security code. If the scammers have your personal contact details as well as your card number, then often times they will pose as representatives from the “Security and Fraud Department” and call you to obtain the CVV2 code. |
You should never provide account information to anyone claiming to be from a credit card provider, the financial institution that issued the card or any other company, without first effectively verifying the identity of the caller. Credit card companies or financial institutions are unlikely to request sensitive financial information over the phone unless you were the one who initiated the call.
If you do receive such an unsolicited call, the safest course of action is to:
1. Ask for the caller’s name and department details and then terminate the call.
2. Find a legitimate contact number for the company either in a bill or other official documentation or a telephone directory. (Don’t use a contact number provided by the caller.)
3. Call the company and ask for to the original caller by name.
4. If it is a scam, immediately inform your credit card issuer that the security of your card may have been compromised and take any other steps necessary to protect yourself from credit card fraud and identity theft. |
