Saturday, February 6, 2016

Is it Safe To Give Out My Credit Card's Security Code?

With identity theft being the number one consumer complaint for several years running, it begs the question of whether anyone is safe regardless if we give out our credit card’s security code.

“MasterCard started issuing in 1997 and Visa in the United States issued them by 2001. American Express started to use the CSC in 1999 in response to growing internet transactions.”

A credit card’s security code can go by one of several names, the most popular of which are card security code (CSC), card verification value (CVV), card verification value code (CVVC), and verification code (V-Code). Regardless of what we call it, should we give it out?

Experts claim that if we only call reputable companies and pay over the phone and only shop on websites with secure, encrypted payment options, we are already doing the majority of what we can to ensure the security of our information.

Although identity theft and credit card theft do happen, phishing scams, hackers, and major information breaches like the ones at Anthem, Target and Michael’s stores account for the majority of these cases.

“Take solace that consumer protection laws limit your liability in the case of credit card fraud to $50. In most cases, if you promptly report the incident, you will owe nothing.”

According to “Dr. Jerald Dawkins of True Digital Security, Inc., be wary of who you trust. The use of CVC over the web or phone is really at your discretion and the trust you have in the organization that they will protect the data correctly.”

Avidly watch credit card statements, bank statements, and credit scores to ensure your own safety and security and catch it as quickly as you can.

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