Robert Siciliano explains why credit card CVV codes, those three- or four-digit security numbers, don't actually protect you the way merchants claim. Providing your CVV alongside your card number creates confusion about what's really being secured in the transaction.
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Credit cards trying to make it difficult, or more difficult in fact, for people to steal your identity. But in the process, you're being asked to give out more information. Ironic. More online retailers, retailers I should say, are now asking for those 3 digits on the back of your card. How safe are we when using our credit cards? Robert Siciliano of the IDTheftSecurity.com group joins us. Robert, what is it with those 3 digits?
Well, your credit card verification code is essentially a 3 to 4 digit code on the back or front of the credit card that is there to add an additional measure of security for you and for the merchants. And usually at the point of purchase, it's when that, that 3 or 4 digit number is recorded, and in fact the charge is made to the card.
I guess the thought that occurs to me though is if I'm making the purchase, I'm turning over my credit card number at the time of the purchase, whether it's online or in the store, right? I'm also turning over those additional 3 digits. I don't understand how That's any— I don't see how that secures me. Once I'm turning it all over at the same time, so it's just an extra 3 numbers on my number. Right. It's an additional—
Where's the security?
Right.
It's an additional layer of security for— Where? Well, again, when you give out your credit card number, wherever it is, any point of purchase, you're not always required to give out those numbers. That number is, again, an additional measure. Now, I always tell my clients, when it comes to your credit card number, Don't bother trying to protect it. You know why? Because every time you use it, the clerk at the point of purchase, the people in the back room at that retailer, the people at the bank— it's out there. It's out there in dozens and dozens of different places. So people need to, instead of focusing on protecting their credit card number, pay more attention to the information on your monthly statement. Reconcile your credit card statement every single month and refute any unauthorized charges. Do that within a 60-day period of time and you are going to be fine. Otherwise, if you don't do it within 60 days, you are going to be held responsible for those unauthorized charges. Got it. Robert Siciliano, a pleasure. Thanks for the time. My pleasure.
