There is no denying that digital fraud cases are on the rise as more resort to credit card usage. Unsuspecting customers are easy targets, and the pranksters are experts at adopting deceitful tactics. Card Verification Value (CVV) provides a security layer to prevent fraudulent activities, especially during eCommerce transactions.
This anti-fraud security feature helps verify that your credit or debit card is in its rightful owner’s possession. Unauthorized access to your confidential three or four-digit CVV number is a chance you cannot afford to take. While performing an online transaction, what is a CVV number is explained alongside to facilitate cardholders to enter the correct information in the allotted space.
A Visa or MasterCard displays the three-digit CVV number on the reverse of the card. On American Express cards, however, the four-digit CVV number is visibly printed on the front. Virtual payment gateways seek sensitive user information, but thankfully there are regulatory controls in place.
Here are the potential threats that are likely to arise for your CVV number on your retailer payment gateway or even your user system:
Web Skimming
Once a hacker gains access to a payment gateway selected by you, the malware captures your card details as you make a purchase. This kind of web skimming through which critical payment card details are stolen happens in real-time. As you enter your CVV number in plain text and before the retailer encrypts the same, the damage is done.
Until the malware is discovered, the confidential card data of innumerable online users is fraudulently accessed. These large-scale online thefts cause enormous damage, given that all who transact on malicious gateways are at risk of a cyber-attack. The information gathered is subsequently misused by these miscreants to their advantage, at your expense, and the retailer’s reputation.
Phishing Tactics
By taking advantage of your curiosity and human weaknesses, deceitful individuals succeed in getting you to reveal your sensitive CVV number. You may even inadvertently grant them access to your computer, where they can subsequently install malicious software.
This cybercrime technique wins your confidence by manipulating you into believing that you stand to gain by following instructions given. Very often, disguised links are shared with you in a mail or attachment that appears genuine.
The moment you click on such links, you fall into the trap laid by cybercriminals. It leads you into hostile territory where whatever information you share is retained for their wrongful use, especially your card details.
Keylogging Spyware
Thieves secretly log your keystrokes using this spyware to capture credit card data. The software records everything typed on your keyboard and sends it to a specified server from where fraudsters access the information. It is deceitfully installed on your computer when you download a file without realizing it.
Now that you know what is a CVV number, you must safeguard it from criminals on the prowl. The malware used is of varying sophistication, which effortlessly recognizes and records sensitive data.
Info Stealers Malware
A malware installed can easily steal confidential data like payment details by scanning your infected device. Within a matter of seconds, info stealers get what they need. They may also choose to drop a keylogger, which enables long-term snooping.
Browser Insertion
Penetrating your browser allows cybercriminals to place fake forms designed on the lines of the actual ones. You enter your card details without suspecting any wrongdoing, and the same is transmitted to the rogues. After that, a fake error message pops up, requesting you to complete your transaction after refreshing the page, making it seem genuine.
Measures suggested here help you safeguard transactions against potential CVV threats:
- Protect your frequently used devices with a reliable anti-virus and ensure the same is always updated
- Stay vigilant and ignore phishing attempts
- Do not share your vital credit card details over the phone, on the mail, or in-person
- Rely on a secure browser
- Consistently monitor your card transactions and take corrective action when you notice discrepancies
- Use only trusted sites to make online card payments
- Memorize your CVV number and then conceal it on your card
- Ensure your credit or debit cards are swiped in your presence when undertaking an online transaction
- Promptly block your card once you realize it has been misused
- Log out wherever necessary, especially when sharing a device
Remember, nothing replaces self-monitoring and user vigilance in this plastic currency era. Staying one step ahead of fraudsters is in your best interest. Placing your bets on a trusted service provider provides an added security layer for your customers and encourages them to go cashless.
