Everyday Numbers 1 -- Credit Card Numbers and the Credit Card Network

jimkeener.com

2 pointsjimktrains21 comment

The CVV and CVV2 are generated from the PAN, IIN, Expiration Date, and encrypts that value with 3DES and a key specific to that run of cards.

Is this at all correct? The article doesn't give a source, so does anyone have a citation?