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Your debit card provides a direct link to your chequing account, which means your balance could be completely wiped out if it ends up in the wrong hands. To minimize that risk, especially with online or over-the-phone purchases, most debit cards come equipped with a special security code.
The security code is a unique 3 or 4-digit numeric code embedded on the back of a debit card, similar to the code you’ll see on the back of credit cards. These codes allow debit cards to be used online just like you could with a regular credit card.
This numeric code is separate from the debit card number and verifies that the person providing the debit card details in a transaction has the card in their possession. This is especially important when you’re making online or over-the-phone purchases where you cannot provide a signature as proof of your authorization to use the card.
Yes, there are few different names commonly used to identify the security code on your debit card. The code can also be referred to as a card verification value (CVV), card verification code (CVC) or card identification code (CID).
Similar to a credit card, a debit card’s security code can usually be found on the back of the card to the right of the signature panel. Instead of being embossed like your card number, it’s printed in small black letters.
Some cards may also have the security code printed on the front, to the right of the card number.
Security codes aren’t stored in any database once the transaction has been authorized. This measure ensures that the card numbers can’t be misused if the merchant’s payment records are hacked.
The security code also isn’t included in the information that can be found on the magnetic strip, therefore making it virtually impossible for an individual who has obtained the card number and expiration date to use that information to conduct a transaction online or over the phone.
Amanda is shopping for a pair of sneakers for her son and finds the pair of Nikes he wants on sale at an online store.
She proceeds to checkout where she is prompted to enter her personal information followed by her debit card number and expiration date. The last field asks for the security code, which she finds on the back of her card in small print. Once entered, the transaction is processed and the new pair of kicks is on their way to Amanda’s house.
If the merchant’s website were hacked, Amanda’s bank account wouldn’t be affected, because her security number was never stored on the merchant’s database.
Yes. While security codes increase the security of your card, they don’t completely get rid of risk. In order to keep your card safe, don’t give out your debit card information to anyone you don’t trust and notify your bank immediately if you lose your card or notice any suspicious charges.
What to do if your bank account is hacked
Your debit card’s security code helps keep you safe while shopping online or over the phone. You can also keep your finances secure by regularly checking your transactions in your bank’s app or online portal and reporting any suspicious transactions. If you don’t have a debit card, or your bank doesn’t have an online portal, compare chequing accounts that can help you keep your money safe.
From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton.
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