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What is a CVV Number on a Credit Card?



New Debit card and credit card rule

In many instances, the CVV number of a credit card is required while making a transaction online. Get the best credit cards for free with no hidden fees. You’ve probably filled in a CVV, or card verification value, hundreds of times, but have you ever stopped to consider what it is? Know more about “what is the meaning of cvv?”  here.

What is CVV?

A card verification value (CVV) is a three or four digit number on your card that serves as an extra security measure when making purchases online or over the phone. So secure your card number and CVV as this feature also ensures that someone else can’t make a transaction using your card. 

CVVs and their Goals

Although using chip-enabled cards has dramatically reduced the incidence of physical card fraud, thieves have turned their attention to online platforms. Internet-based identity theft has taken over the production of counterfeit cards. Banks and credit card companies utilise CVVs to lower the risk of fraudulent online purchases.

Most debit and best credit cards have a pair of CVVs printed on the back. The first is present on the card’s magnetic strip, while the second is shown on the back of the card for online purchases. You’ll need this to complete your transaction on the web.

Where is the CVV located on your card?

CVV is located inside or just above the signature strip on the back of the card. If you don’t know how to identify if it is a cvv number, just focus on the three-digit code present on the back of the card. It is the standard for Visa and Mastercard cards, but for American Express it is four digits and displayed on the front of the card, just over the company’s emblem.

Are CVVs and PINs the Same Thing?

A “personal identification number” (PIN) is a number chosen by the user. While most financial institutions accept only four-digit PINs, others provide extensive codes. PINs are used for cash withdrawals and purchases on cards. And these PINs are not the same as CVVs. A CVV is a unique number generated by the card issuer for each card.

Is the CVV number different on a replacement card?

The CVV number is a unique identifier and for security reasons it is different when you replace your new credit card apply with an old one. In case your card expires and you need a new one, the bank will issue it, and you’ll get a new CVV code. 

How is CVV generated –

CVVs are not meaningless three or four digit codes. Instead, they are generated by the bank using the primary account number, expiration date in four-digit format and a pair of DES (Data Encryption Standard) keys and a three-digit service code. The specific algorithms employed have yet to be discovered and that’s for the best.

What Can You Do to Safeguard Your CVV?

Like any other sensitive financial information, you should keep your CVV secure to avoid being a victim of credit card fraud. If you want to keep your CVV safe from identity thieves, here are seven easy steps.

  • Install anti-virus software on your PC. This checks for malicious software, including viruses, keyloggers, and other forms of spyware.
  • Create a password for your home WiFi network. If you don’t, anyone in range can access your network, spy on your communications, and steal your data.
  • Keep your financial details to just any website. Websites lacking the prefix “https:” in their address should be avoided, as should any that lack a verifiable SSL lock icon in your browser.  
  • When you’re away from home, use a virtual private network. While utilising a virtual private network (VPN) at home could be considered excessive, it is highly recommended when using a public network or a hotel’s WiFi.
  • Only show someone a photo of your credit card, even close. Your credit card information is vulnerable to fraud.

Credit Card Number Verification Value (CVV) and EMV Chip Cards

Using chip-based debit and credit cards has increased security for in-person transactions at both banks and retailers. Its innovation over the magnetic strip allows the card’s internal code to fluctuate with each scan. To no one’s surprise, this has dramatically helped cut down on fraud.

But what about CNP transactions (card-not-present) like those done over the phone or online? There is a CVV printed on your card since a physical chip would be useless. Even though stores aren’t supposed to save CVVs digitally, the most sophisticated thieves still find ways to get their hands on them.

This issue has a proposed solution known as dynamic CVV, allowing the printed code to vary at regular intervals. This would take place on a tiny screen powered by a lithium battery on the back of the card. This may be a sure thing, but while technology has its benefits, it has challenges. Difficulties arise when choosing the code-change frequency, and the cards would likely cost four to five times as much to manufacture as present models. Yet, the potential fraud cost savings may be sufficient to offset any future increases in manufacturing expenses.

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Latest business news

Reliance Jio Air Fiber to be launched today: Checkout features here

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the annual general meeting on August 28,2023 announced the launch of Jio AirFiber on Ganesh Chaturthi. JioFiber features integrated security firewall, support for WiFi 6 and parental controls.



Reliance Jio Air Fiber to be launched today: Checkout features here

Reliance Jio is set to launch Jio AirFiber, a wireless internet solution today. This service is intended for both offices and homes. It offers speeds upto 1.5Gbps which can be used for activities like lag free video conferencing, online gaming and high definition video streaming.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the annual general meeting on August 28, 2023 announced the launch of Jio AirFiber on Ganesh Chaturthi. JioFiber features integrated security firewall, support for WiFi 6 and parental controls.

Jio AirFiber is looking to tap a massive untapped market of over 200 million Indian households. JioAirfiber will be priced competitively at around Rs 6000 as it includes a portable device unit. Jio AirFiber uses 5G technology to provide high speed internet access. It accommodates sets top boxes, smart TVs, tablets, PCs, smartphones and multiple devices while maintaining top notch internet speed.

Jio AirFibre makes a wireless approach establishing digital connections between offices and homes through wireless signals. This eliminates the need for fibre cable and depends on clear line of sight communication with Jio towers. Another major advantage of Jio AirFibre is its extensive coverage potential as it does not depend on physical infrastructure limitations like JioFiber. It is designed to be user friendly plug and play solution.

Jio AirFibre will be available in select cities only. Reliance plans to expand the service more cities in the coming months. Jio AirFibre has large number of features like WiFi 6 support, unlimited data usage and high speed internet connectivity. The WiFi6 support provides faster speeds, better performance and OTT subscription.

The launch of Jio AirFibre will have a major impact on the Indian broadband market. Jio is known for innovative plans and aggressive plans. The rollout of the Jio Air Fibre can lead to other broadband providers to improve their services and reduce their prices.

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India News

Uday Kotak steps down as MD and CEO of Kotak Mahindra Bank

Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.



Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.

The bank has said that as an interim arrangement, Dipak Gupta, the joint managing director will perform the duties of the managing director and CEO until December 31, subject to the approval of the RBI and the members of the bank.

Uday Kotak said he is stepping down to facilitate the succession plan at the bank in a communication on social media on Saturday.

Kotak will continue as a non-executive director of the bank. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.

Uday Kotak said on X that the chairman of the bank, Joint MD and including himself to step down by year-end. He said the succession at Kotak Mahindra Bank has been foremost on his mind. He is keen to ensure a smooth transition by sequencing these departures. He initiated this process now and stepped down voluntarily as CEO, Kotak said.

Kotak said the bank awaits RBI approval of the proposed successor and as an interim his colleague Dipak Gupta, currently Joint MD, will function as MD & CEO, subject to approvals.

He further said that he is deeply attached to the brand Kotak as he is the founder of the bank and he will continue to serve the institution as a Non-Executive Director and significant shareholder. He said that having an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity, Uday Kotak said.

Uday Kotak stated that JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. He further said that it is with this dream that he started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. He had deeply cherished every bit of this memorable journey and lived his dream.

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Economy news

Financial changes effective from September, Aadhaar update, nomination deadline for demat account

Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.



In the month of September, there are many changes occurring, particularly in the financial sector. Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.

The deadline to update an individual’s Aadhaar card details for free is quickly approaching. The Unique Identification Authority of India (UIDAI) extended the deadline from June 14 to September 14, 2023. This scheme is specifically for citizens who obtained their Aadhaar card 10 years ago and have yet to update their information. People can take this opportunity to update their details before it’s too late.

The nomination process for trading and demat accounts is mandatory for holders and the deadline for this has been extended by the Security and Exchange Board of India (SEBI). The account holders have to make nominations or opt out of it before September 30.

People will need to update and link of Aadhaar identity documents with PAN cards. Those who have credit cards from Axis Bank will also experience the effects of these changes starting this month.

As per the updated terms and conditions, Axis Bank’s Magnus credit card users need to pay higher fees. The annual fee has been increased to Rs 12,500. Also, the benefits associated with the card will be updated.  

This month marks the final opportunity for individuals to exchange Rs 2,000 notes. As stated by the Reserve Bank of India (RBI) in May, individuals may exchange or deposit these notes into their bank accounts before the specified deadline.

The central bank has specified that individuals may exchange or deposit for lower denomination notes, up to Rs 20,000 at a time, until September 30th. Interestingly, even after the deadline, Rs 2,000 notes will still be considered valid tender.

Starting from the current financial year, the Ministry of Finance has made it mandatory to provide both Permanent Account Number (PAN) and Aadhaar card information when making investments in small saving schemes such as the Public Provident Fund (PPF), Post Office Saving Scheme, and Senior Citizens Saving Scheme (SCSS). Existing subscribers must submit their Aadhaar number before September 30th, or their accounts will be frozen.

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