BANKING: See the meaning and function of the 3 digit number at the back of your ATM card

If you are a customer of any bank in Nigeria then you should be familiar with the 3 digit code at the back of your ATM card or atleast you have seen it. This article is aimed at educating you on the meaning and what the code is used for, so just continue reading calmly.

The three digit code at the back of your ATM card, be it MasterCard, Visa etc is called the CVV meaning Card Verification Value”. It has other meanings such as Card Verification Data, Card Verification code.

The name is dependent on the bank that issued your ATM card to you.

Below is the meaning and Uses of the CVV;

The CVV is a security feature that protects your card and reduces the incidence of credit or debit card fraud either online or offline.

In a nutshell, the 3 digit code at the back of your ATM card is an anti-fraud code instituted by Banks to reduce credit card fraud, it’s not your pin code but just a code that prevents people from transacting with your ATM card online without your permission or without your card.

It simply verifies that you are holding your ATM card before authorizing any transaction on your account in an online payment platform. That is why whenever you are doing something or making payment online, you will be asked to enter your CVV to verify your ATM card is in your hands.