You’ve probably been asked for your CVV number when shopping online. This number, also known as the CVC (card verification code), is used to protect you from fraud when making purchases online and over the phone.
However, if a hacker gets hold of your CVV number, they can use your credit card details to make fraudulent transactions. Given that online credit card fraud is on the rise worldwide, it’s important to understand how hackers can get this number – and how you can keep your finances safe.
Your CVV number, or card verification value, is a three or four-digit number located on your credit card. You can typically find it on the back of your card, to the right of your signature box.
The CVV number is an anti-fraud measure used when you’re making a purchase but aren’t required to enter a PIN or sign a receipt. This is why you’re often asked to enter your CVV number if you’re shopping online or making a purchase over the phone. This is so the merchant or payee can verify that you are indeed the cardholder, which can avoid people using your card for fraudulent transactions.
There are two main ways that hackers can get your CVV number. The first is by phishing and the second is by using a web-based keylogger.
Have you ever received an email that looked like it might have been sent by your bank but it had a few suspicious details? Maybe there were tons of typos, the return email address wasn’t the official address you usually receive correspondence from or perhaps there was a link to an unfamiliar website. If any of these apply, it’s likely that this was a phishing email.
Most fraudsters don’t gather this information themselves. Instead, they purchase packages of cardholder data, including account names, full card numbers, expiration dates, CVV numbers and addresses.
Finder data suggests that men aged 18-24 are most likely to be researching this topic.
| Response | Male (%) | Female (%) |
|---|---|---|
| 65+ | 3.36% | 3.15% |
| 55-64 | 5.47% | 3.89% |
| 45-54 | 7.05% | 5.78% |
| 35-44 | 10.73% | 7.78% |
| 25-34 | 16.30% | 10.20% |
| 18-24 | 17.46% | 8.83% |
Even though online transactions are becoming more secure as technology develops, there are some simple steps you should take to reduce your chances of becoming a victim of online credit card fraud.
Unfortunately, credit card scams are becoming more common, not only in Canada, but worldwide. However, there are some simple precautions you can take to protect your money.
If you suspect that you’ve been the victim of a credit card scam or if you’ve identified fraudulent transactions on your account:
Learn more about CVV / CVC numbers here
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