Cardholder selected card validation code for card-not-present transactions

A system comprising:

• a database having a payment card table therein, the payment card table including a payment card record associated with a payment card, the payment card record comprising a primary account number, a payment card expiry date, and a first service code;
• a hardware security module operable to receive a plurality of second service codes, the primary account number, and the payment card expiry date, and to transmit a plurality of second CVC2 values;
• a memory device;
• and
• a sever coupled to the database and the hardware security module, the server comprising a processor coupled to said memory device, said memory device storing first computer-executable instructions that when executed by said processor, cause said processor to perform operations to:
• receive a request from a user computing device to change a first CVC2 value associated with the payment card to a user-selected CVC2 value;
• based upon the request, retrieve from the payment card table the payment card record associated with the payment card;
• generate the plurality of second service codes;
• transmit the primary account number, the payment card expiry date, and the plurality of second service codes to the hardware security module;
• receive, from the hardware security module, the plurality of second CVC2 values, each second CVC2 value being different than the first CVC2 value and associated with a respective one of the second service codes;
• present, to the user computing device, the plurality of second CVC2 values;
• receive, from the user computing device, a selection of one of the plurality of second CVC2 values, the selection of one of the plurality of second CVC2 values being the user-selected CVC2 value;
• and
• update the first service code in the payment card record to the second service code associated with the user-selected CVC2 value.