If you ask me the question, if paypal can deduct your money without cvv? No. There is no way you be debited without CVV. Unless the card has been linked and that means, paypal has verified the card details by deducting $1 on verification before you can be charged without prior notice on paypal payment gateway. See 30 Best Nigerian Online Shopping Websites.
What is CVV number used for?
All financial institutions that issue credit or debit cards have developed a system in which every card is provided with a unique CVV code. This code is required to complete any monetary transactions that are carried out using the card. CVV number is different from the PIN number which is like a password to complete card transactions. CVV number is present on the back side of your card on the magnetic strip. It verifies that the card is physically available with the individual using it during the transaction. See Hidden Tricks You Can Do With Your Mobile Phone.
CVV Protects You against Fraud
Debit and credit cards are mainly used for online transactions or for other virtual payment gateways. These portals are not allowed to save any information about the CVV number of the cardholder since it is against the Per Payment Card Industry Data Security Standards. Hence, even if the vendor has all the other details of your card, they cannot access the CVV. This makes it impossible for anyone to misuse your card information. So if there is a breach in the data security of the credit card issuing company, the CVV is not stored in the databases. This makes it impossible to use your credit card for transactions without the CVV.
Does CVV have any drawbacks?
The only drawback is that if the credit card is entirely duplicated with the magnetic stripe and the fraudster has access to your CVV code as well, then the card can be easily misused.
Now that you are aware about the role that CVV plays on the credit card, share this information with others as well to protect people from being a part of a scam.
The CVV Number (“Card Verification Value”) on your credit card or debit card is a 3 digit number on VISA®, MasterCard® and Discover® branded credit and debit cards. On your American Express® branded credit or debit card it is a 4 digit numeric code.
Your CVV number can be located by looking on your credit or debit card, as illustrated in the image below:
Providing your CVV number to an online merchant proves that you actually have the physical credit or debit card – and helps to keep you safe while reducing fraud.
CVV numbers are NOT your card’s secret PIN (Personal Identification Number).
You should never enter your PIN number when asked to provide your CVV. (PIN numbers allow you to use your credit or debit card at an ATM or when making an in-person purchase with your debit card or a cash advance with any credit card.)
CVV numbers are also known as CSC numbers (“Card Security Code”), as well as CVV2 numbers, which are the same as CVV numbers, except that they have been generated by a 2nd generation process that makes them harder to “guess”
Is it safe to give your credit card number and CVV to anyone?
The answer is obvious and I’m sure you know it. When something involves any random person, I would say nothing in the world remain safe. For the particular case of credit card, since hackers are always trying to get their hands on your name and card number, assume that their are some damages to be done by this.
What may happen if you give out your information to someone who doesn’t have the best intention in their heart? Since your name, number, CVV and address are all you need to make online transactions, anyone can buy themselves anything using your account. Some merchants doesn’t even verify all of those info. And they just need the number and some ~100$ tools to print a card for themselves to use it in store. Also, they can simply sell the info to online credit card information selling sites for about 25$ profit.
you can read how hackers use the number they get from you.
Now, if the person who got your information use it for some shopping spree, you can file for identity theft and reap the benefit of 0$ fraud liability from your bank(after a lot of hassle). But your life may not remain as easy as it used to be if the card is used to donate to some organization with links to terrorism, or to buy something fishy.
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