Credit cards have become part of our daily living routines and makes life very easy and convenient for every card holder. Unfortunately, credit cards have placed all holders at risk of falling victim to unscrupulous credit card fraudsters, who are continually on the lookout stealing credit card information.

The CVV number on any credit card is a three-digit verifier at the back of the credit card. Many merchants require the three digits on every transaction, as this is part of the security process in processing a transaction.

Credit card CVV Number

Without the CVV number, some merchants may not process the transaction. Due to this fraudsters are continuously looking to defraud victims by obtaining the three-digits on the back of the card.

How fraudsters operate

With the CVV Number scam fraudsters will often already be in possession of a credit card number and the victims’ personal identifiable information. They only require the CVV number in order to start defrauding the victim.

Fraudsters will contact the victim informing him or her that they are contacting on behalf of the fraud or risk department of the banking institution. The victim will be informed that there were illegal purchases conducted on the card and that a red flag was placed on the card.

The fraudsters will then require the victim to confirm certain personal identifiable information. Upon confirmation the fraudsters will ask the victim to provide the CVV number.

Once in possession of the CVV number, fraudsters will start making illegal purchases on the credit card of the victim.

Protecting oneself against these scams

The golden rule on credit card information is that it should stay safe. This information should not be shared with any other person.

Never let your credit card out of your sight when making purchases.

Never give out credit card information over the phone, not even to your bank.