It is accepted, common and, yes, recommended. Being asked to review means your knowledge in a field is acknowledged and sought by others. The details you provide is up to you. I list the journals I have reviewed for in impact factor order, but it can be any order. I do not provide the number of reviews for each but the total for all. There is no reason to provide more than number of reviews and names of journals.
You have a point in that this information is unverifiable in many circumstances. In my field it is, however, common to be known as a reviewer (you have a choice). How the information is used is up to those who read the CV but I think most people will assume you have not falsified your CV (and that assumption goes for the remainder of your CV as well).
In the end, the art of writing your CV is to add anything that can reflect positively on your (in this case) scientific merits and reviewing is such a task. I also include reviews I have done for large funding organisations (e.g. NERC, UK, and NSF, US) as well as evaluations for promotions etc.