23 November 2024, Sat |
8:45 AM
In a nationwide first, the National Bank of Fujairah (NBF) has announced the introduction of “CVVkey”, a proven solution to online card fraud that can be used across all credit and debit cards issued by the bank.
NBF’s efforts to enhance cybersecurity throughout its operations and safeguard its consumers from fraud and other online dangers will heavily rely on CVVkey.
Vince Cook, CEO of National Bank of Fujairah, said, “I am delighted that NBF is once again leading the way nationally in deploying innovative digital technology like CVVkey™. It will bring an immediate benefit to our customers, addressing one of their principal concerns when undertaking online and offline transactions.”
According to fraud analysis, while the fraudulent capture of card details can occur at point-of-sale machines and ATMs, over 90% of payment card fraud occurs online. Furthermore, in over 90% of cases, stolen credit and debit cards are used to commit fraud online, where the card PIN is not required.
Cardholder who does not use their card online can also be victims of fraud. CVVkey fixes this vulnerability by changing the 3-digit code on the back of the card with a more dynamic CVV code that keeps updating throughout the day which is easily accessed via the CVVkey app on the cardholder’s phone.
For each card signed up for the service, the CVVkey app generates a different, 3-digit dynamic security code every few hours. The cardholder inputs the updated code via the app on their phone whenever the three-digit security code on the back of the card is required (for instance, during checkout for online transactions).
If the card is ever compromised or stolen, unauthorised internet purchases will be prohibited because of the dynamic nature of the security code. The transition to CVVkey has no impact on recurring payments, such as subscriptions, since the merchant has the card information on file. Existing payments will still be accepted, and once new recurring payments are set up, they will be validated using dynamic CVV. After that, payment will be collected automatically.
CVVkey also gives cardholders sthe ability to control and manage to spend on cards. Cardholders will be able to allow or stop different types of transactions like contactless transactions, online transactions, international transactions, cash withdrawals on a credit card, or merchant categories, including subscriptions for services. They can put limits on their spending on their cards.
CVVkey is a product of Keyno, which developed the first dynamic CVV2 (dCVV2) code technology that works with credit, debit, and prepaid cards to prevent online fraud. The CVVkey service is provided to card-issuing financial institutions in collaboration with Visa.
Robert J Steinman, CEO of Keyno said “CVVkey protects your credit and debit cards from unauthorised use. No matter who’s seen your card, even if you lose it, only you have access to the CVVkey code on your phone. So you can feel better about carrying your card with you, shopping online, and using it for all your purchases.”
