When entering the debit or credit card to a point of sale
terminal, the reader obtains this type 1 code and it is sent to the issuer who,
after verification, returns another code to validate that it is correct and
thus be able to complete the transaction. The problem with this code is that if
the card is faithfully cloned, these same type 1 codes are obtained, which are
valid before the issuers and that is why fraud occurs in physical purchases.
The CVV type 2 is a code that today is becoming more and
more used to make procurements over the Internet or by phone. It is that 3 or 4
digit code that we see on the front or back of our card.
These numbers do not appear in relief like the card numbers
or expiration date, the reason is to avoid the copy or cloning of the card, so
it can only be used if we physically have the card and see the number to be
able to enter it. The problem with this code is that anyone can see it and that
is where it has its vulnerability. bacobolts
Dynamic CVVs, the current safety trend
As we saw, both types of CVV are not 100% safe, since they
have aspects that fail to protect the user of debit or credit cards from a
possible attack; That is why this security system has evolved and it is
increasingly common to find dynamic CVV codes.
Dynamic CVV codes are created to address those security gaps
that type 2 CVV codes bring, since they are printed and can be seen by anyone.
So, financial institutions are, little by little, acquiring technology to be
able to stop printing CVV type 2 on cards and instead assign a different code
each time a purchase is to be made.
This means that a random dynamic code will be assigned by
the financial institution each time something is to be purchased online or by
phone. This unique and changing code is valid for approximately 5-10 minutes
each time it is generated, increasing security when making an online purchase.
As we could see, this security system is constantly changing
and it is expected that in a short time almost all financial institutions will
have random CVV allocation systems so that you feel greater security when
making a purchase with your cards. .
At Oyster we are also concerned with finding new forms of
protection when you make a transaction; For this reason, when you sign up with
us, you receive a physical card for purchases you make within an establishment
and, in addition, you access a digital Oyster card that is only used for online
purchases, in this way we also help that if you If you lose your physical card,
the person who finds it cannot see your CVV code.
With all this information, you can see that card issuers
work to provide you with greater security with CVV codes, but it is also up to
you to create more careful consumption habits so that together we can avoid
undesirable cloning and unrecognized charges that none of us want to face :) .
