Debit cards are a form of plastic money that lets you make instant purchases of goods and services, withdraw cash from an ATM, and more. However, with great features come security concerns. Kotak811 uses several methods to protect against these security threats. Debit card PINs and CVVs are a few such measures to enhance security.
A PIN is an essential code from the cardholder used mostly in face-to-face transactions, including cash withdrawal from an ATM or card usage via a POS terminal. On the other hand, a CVV number is used to verify the identity of the card bearer. Want to know more? Let’s discuss the difference between the CVV number on Debit Card and an ATM for better clarity.
What is PIN?
PIN (Personal Identification Number) is a unique number consisting of four or six digits chosen by the cardholder when applying for the card. This number is unique to the cardholder. So, only they will know the PIN when transacting. A PIN's main benefit is identifying the cardholder at the time of the transaction to ensure that the person using the card is the legal holder.
Cardholders must enter their PIN every time they withdraw money from the ATM, ensuring that no one else can withdraw money from the cardholder's account. They are also asked to enter their PIN when they make purchases through the debit card for identification. This extra measure prevents misuse of the card and fraud.
Also Read: Features & Benefits Of Debit Card: You Must Know
A PIN is also used when withdrawing or transferring money from accounts. This protects the customer's financial data and ensures that only the account holder can access personal information.
Key Points To Consider:
An ATM pin can be changed according to your willingness. Yes, when you open a Savings Account at your bank, you might get a welcome kit. This kit could include a Debit Card PIN chosen by the bank. You can use this PIN to activate your Debit Card and change it to your preferred PIN. However, you now have the option to set your Debit Card PIN online.
What is CVV In Debit Card?
A CVV stands for “Card Verification Value.” This is a three-digit code on the back of a debit card. The CVV number on a debit card is required during online transactions and is essential for card security. Remember, the CVV number should always be kept secret to avoid becoming a victim of a possible fraud.
Key Points About CVV:
1. Generated by the bank: The bank will give you a CVV number for your debit card. This number depends on various aspects, such as the debit card number, expiry date, service code, and the issuer's serial code. This complex combination guarantees that the CVV is different for all cards.
2. Security feature: The CVV code, or Card Verification Value, is used in the same meaning as the CSC or Card Security Code. It provides an additional layer of security. Unlike the debit card PIN, CVV is not used for face-to-face electronic transactions at an ATM and/or at a store.
3. Embossed on the card: The CVV number is given at the back of the card but not at the same line as the 16-digit card number and the expiry date. It can be a four-digit CVV number in some debit cards, but at Kotak811, you will be given a 3-digit CVV.
4. Magnetic strip information: CVV consists of two components. The first part is the magnetic strip found on the back of your debit card, which holds fundamental and authentic information about your debit card. When you swipe your card, a card reader machine captures and processes this data.
5. Three digit code: The second part of the CVV on debit card is the numerical code of three or four digits on the card's backside. This code must be provided at the time of the transaction to confirm the identity of the cardholder for the transaction's safety.
Also Read: How To Withdraw Money From An ATM Without A Card
What is The Difference Between PIN and CVV?
Here is a table to help you understand the difference between PIN and CVV:
Aspect | PIN | CVV |
| Usage | In-person transactions | Online transactions |
| Method | Entered via keypad | Entered into a secure online form |
| Static/Dynamic | Static | Dynamic |
| Change frequency | Rarely changed | Changes periodically |
| Security implications | Offers identity verification | Verifies card possession |
| Vulnerabilities | Can be compromised in person | Can be obtained in data breaches |
PINs and CVV numbers are important security measures for debit card transactions. A PIN is used in face-to-face purchases, while a CVV number is used in online purchases. PINs are fixed and do not change until the cardholder decides to change them. They offer a stable form of protection. CVV numbers are more dynamic and change from time to time.
Also Read: What is CVV and How To Find CVV on the Debit Card
A CVV provides an extra layer of security for your debit card. However, even with these measures, your debit card is vulnerable to theft. You should keep this information safe without disclosing it to anyone. Learning how PINs and CVV numbers work together is important to prevent fraud against debit cards.
Conclusion
A PIN and a CVV number are important security features to prevent fraudulent transactions while using your debit cards. The PIN is a security measure to authenticate the cardholder in face-to-face transactions; the CVV number checks the card’s during online transactions. However, the PIN remains unchanged compared to the CVV number, which is usually changed occasionally to increase security.
For the safety of your debit card, you mustn't disclose your PIN or the CVV number to anyone. Knowing these security features and how to use them removes the fear of fraudulent activities and protects your financial assets.
FAQs
1. Is the CVV number the same as the PIN?
A debit card's CVV number and PIN are two different things. The bank provides the CVV number while the cardholder sets the PIN themselves.
2. Can anyone get another person’s CVV number?
Normally the CVV number is found on the back of the debit card at the rear end of the signature strip or the magnetic strip. Getting hold of someone else’s CVV number is almost impossible and it is regarded as a privacy infringement.
3. What is the CVV number, and why is it used?
A CVV (Card Verification Value) is a data addition security feature that helps protect debit cards against fraud. This is important for online purchases to ensure the cardholder has a physical card. This feature minimises the fraud risk.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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