Haven`t you felt uneasy when someone on the telephone from the customer support of infinite companies asks for the security code of your credit card? This security code is the additional 3 or 4 digits which are printed on the credit card and are often essential for credit card transactions on the telephone. The good news before we even start this discussion is that the liability of the customer in case of credit card fraud, according to consumer protection laws is as low as 50 dollars. In most scenarios, if you are quick to report this fraud you don`t have to pay anything. However, you might face a serious problem if you do not often check your monthly expenditure statements sent by the credit card issuer.
The security code digits called CID, CID2, CVV2 or CVC2 depending on various types of cards that you own, are used to check information about your card when you cannot physically present your credit card. In short, they are a way to prevent online credit card frauds where transactions can take place without the actual credit card.
This presents a different scenario where someone wants to steal the code and the card number. Customers often inquire if someone can really get away with that. As far as transactions in stores are concerned, it wouldn`t work because the actual card is required. A physical card is imperative in order for your card to be charged in such transactions. However, when it comes to online transactions, this could be different. The card number and the code together can enable the thieves to shop at various online sites, which is what gives rise to the fraud.
There are a few steps you can take to protect your card number and code from such fraud. Firstly, giving out the code online or on the web purely depends on the trust you have with the other party or company. If you are wary of the person calling you, and you are not sure, then you can always payout at the time of delivery. At this point, it is also advisable to prefer your credit card or charge card instead of debit card because you can dispute fraud unlike in case of debit cards, where the money is already gone. Ultimately it is your discretion as far as the code is concerned and customers need to look at their bills regularly.