Online transactions have become a central part of our daily lives. From purchasing groceries to paying bills, everything is just a click away. However, with the convenience comes the risk of fraudulent activity. To safeguard themselves from such activities, online merchants use various fraud-prevention tools. One such tool is the CVV (Card Verification Value) code, a unique three or four-digit number that appears on the back of our credit or debit card. But, do you know that there are CVV shops on the internet selling these codes? In this blog post, we will discuss the role of CVV shop in online transactions and the legality of using them.
CVV shops are online stores that sell CVV codes to anyone willing to pay. These shops procure stolen credit and debit card information, including the card number, expiry date, and CVV code, from various sources and sell it for a price that can range anywhere from US$1 to US$50 or more per code, depending on the card type and available balance. The buyers of these codes then use them to conduct fraudulent activities, such as making unauthorized transactions or withdrawing cash from ATMs.
While buying or selling CVV codes is illegal, the online nature of these shops makes it challenging for law enforcement agencies to identify and apprehend their operators. Furthermore, the use of cryptocurrency or other anonymous payment methods makes it next to impossible to track the money trail. As a result, these shops continue to thrive, leading to millions of dollars in fraudulent losses for both merchants and customers every year.
However, not all CVV shops are run by cyber criminals. Some operate under the guise of legitimate businesses, claiming to sell CVV codes for testing purposes or as a lost and found service. While these businesses may not engage in fraudulent activities themselves, their operations indirectly support and encourage such activities.
Nevertheless, CVV shops are just one of many threats to online transactions. Online merchants also use other fraud-prevention tools, such as device fingerprinting and IP geolocation, to identify suspicious activity and prevent unauthorized transactions. As consumers, we can also protect ourselves by being vigilant when sharing our card information online, checking our bank statements regularly for any unauthorized transactions, and reporting any suspicious activity immediately to our bank.
In conclusion, CVV shops are a serious threat to online transactions. Their illegal operations pose a risk not only to merchants but also to consumers. While it is essential to use fraud-prevention tools such as CVV codes to secure online transactions, the online nature of CVV shops makes it challenging to eradicate them entirely. As consumers, we can take steps to protect ourselves from online fraud by being vigilant and reporting suspicious activity immediately. We must also demand better security measures from merchants to ensure our financial information remains secure online.