Electronic commerce, in simple English online shopping, is growing at a staggering pace. Based on Statista research, 2.05 billion people say “Yes” to digital purchases in 2020. By the next year, the quantity of virtual buyers is going to raise to 2.14 bn.
While doing shopping, customers tend to choose debit or credit cards. They still hold their ground and outperform other payment methods hands down. An unarguable fact: the chances are we will have turned into a cashless society by 2023.
Frustratingly, along with credit cards popularity, the risk of scam is surging. And there are no signs of any improvements, meaning that new and more sophisticated ways of web stealing crop up pretty often. To diminish the hazard of card-not-present purchases, CVV was created. But what is a card security code?
CVV is a combination of digits intended to keep your transactions home and dry. The code is made by an issuer bank for every plastic. Therefore, only you and your bank know those digits. Even merchants aren’t allowed to store them in their databases.