You’ve finally decided to use your debit card instead of carrying cash with you. Well, that’s a good decision since you are constantly surrounded by pickpockets, no matter how safe a city claims to be. But, now that you’ve got a debit card, there are a bunch of things you must know before it’s too late to save your hard-earned money.
You are so meticulous while sharing an one time passcode (OTP) with anyone. Since the message clearly states not to share it with anyone else to shield you from fraud or a cyber attack. However, we are equally meticulous while sharing your debit card details.
Is it because you don’t know where the security code on your debit card is? In that case, this article will make it stark and clear.
What is a Debit Card?
A debit card, also known as a bank card, check card, or plastic card, is a payment card that one can use in place of cash to buy something.
The prior condition is that the required amount of money should be in the respective bank account.
What Details Does The Front Side Of A Debit Card Carry?
Before explaining the security code, let’s break down the components of a debit card to acquire a deep understanding of its role and importance.
- Bank Branding – This represents the bank’s name that has issued your debit card. For example, SBI, HDFC Bank, RBL Bank.
- Electronic Chip or Smart Chip – The front side of the debit card has a golden-coloured tiny metal processor. The sole purpose of this chip is to ensure high-level security if you somehow lose your card. It adds a single-use code to every transaction. This chip leaves a little room for even the smartest of the smartest thieves to break the shackles of your card’s security. Despite the security it offers, you may not come across it on all debit cards. Therefore, it’s highly advisable to ensure this chip is on your card.
- Card Number – Below the smart chip, there is a 16 digit card number. Just like your Aadhar Card number, this number is also unique. It represents and identifies your debit card. This number is further forked into two parts.
The first six digits are the Issuer Identification Number or Bank Identification Number. The significance of these digits is that it tells the company’s name that issued the card. For instance, Rupay or Visa.
The following digits represent your bank account details like the type of card issued, the name of the bank that issued the card, and other details of your specific bank account.
- Account Opening Date – The card number is followed by the opening date. This date represents the month in which the card was issued. However, you may not encounter it on every card since it differs from company to company.
- Expiration Date – Beside the account’s opening date is the expiration date, which is mentioned in a two-digit month/year format. As various products have an expiry date, your card also has a month of expiry. The card expires on the last day of the month mentioned on it. For example, 12/22. It indicates your card will stop functioning on 31st December 2022.
- Cardholder’s Name – It represents the person’s name for whom the debit card is issued. In other words, the owner of the card.
- Brand Mark/Logo – At the bottom right corner of the card, you will find the brand mark. It represents the logo of the company that has issued the card. For example, Visa, Mastercard, Rupay.
Now that you’ve got to know about the front side of the debit card in detail. It’s time to have a look at the backside.
- Magnetic Stripe – It is a black-coloured stripe that you encounter on top of the backside of the card. It stores information that can be read through a Card Reader.
- Hologram – It’s a three-dimensional security feature that appears like a bird. The hologram’s most significant role is that its presence proves that the card is legal. So make sure your card has a hologram when applying for the issuance.
- Signature Area – It shows your signature. Though most of the time, the card comes without a signature. Its absence does not have any impact on the card’s functioning.
- Security Code – It is indeed the most significant part of your card besides the signature panel. It’s three to four characters long and is highlighted in italics. The following names know it:
- CSC- Card Security Code
- CVC- Card Verification Code
- CCV- Card Code Verification
- CVV- Card Verification Value
It gives a boost to your card’s security during an online transaction. When you make a purchase online, you are asked to provide your card number, expiry date, and CVC.
After you’ve filled in the details, an one time passcode (OTP) is sent to you by the bank. Then the website or application processes this information, and the amount mentioned for the purchase is automatically deducted from your bank account.
Note: You must keep your security code to yourself.
Generally, it’s mentioned on the backside of the card. But there is an exception in the debit cards issued by American Express; it has a four-digit code on the front side.
You must have crossed paths with the adage “Precaution is better than cure.” You must be highly conscious while sharing your account or card details with someone to keep frauds at bay.
- Bank Contact Information– At the bottom of the card, you’ll notice the bank’s contact information. If your card is not functioning correctly or you notice some suspicious activity, you should contact the bank immediately using this information. It’s better to keep the bank’s contact handy. Save it on your mobile phone and jot it down in your diary.
- Network Logo– An additional network logo may or may not be present on the bottom right corner of the card.
Keeping the details of your card private is pivotal. It will prevent you from getting trapped in a challenging and fraudulent racket. So be conscious and use your card wisely.
In this article, we have discussed the parts of a debit card in detail. In addition to this, we’ve talked about where is the security code on a debit card. It is our ardent hope it helps you become an aware citizen.
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