Entitled ‘CVVkey’, the innovative fraud prevention tool is a reliable solution to combat online card fraud. According to press release information, it can be utilized across all credit and debit cards issued by National Bank of Fujairah (NBF), marking an important step in enhancing the bank’s cybersecurity measures and safeguarding its customers against various types of online threats.
Enhancing Cybersecurity with CVVkey
CVVkey is developed by Keyno, a company that pioneered dynamic CVV2 (dCVV2) technology for online fraud prevention. This solution works in collaboration with Visa to provide card-issuing financial institutions with advanced security features.
Ancillary data from the announcement indicates that over 90% of fraudulent activities involving credit and debit cards occur online, while more than 90% of cases do not require the card PIN. This underscores the critical role CVVkey plays in ensuring online transactions are secure.
How CVVkey Functions
Instead of using a static CVV code found on the back of the card, CVVkey replaces it with a dynamic code that changes frequently. The new code can be accessed through the CVVkey app installed on the cardholder’s smartphone, making transactions safer and more secure.
For each enrolled card, the CVVkey application generates a unique 3-digit security code every few hours. When a card is required for an online transaction or purchase, the cardholder can easily retrieve the current dynamic code from their app.
The system’s dynamic nature ensures that unauthorized transactions are thwarted if the card falls into the wrong hands. For subscriptions and other recurring payments where card details are stored by merchants, existing payments continue unaffected, while new ones will require authentication through dynamic CVV codes.
Cardholder Control and Management
National Bank of Fujairah officials stated that the deployment of this advanced digital technology aims to address customers’ primary concerns regarding both online and offline transactions. Keyno officials emphasized that CVVkey protects credit and debit cards from unauthorized use, ensuring that even if a card is seen or stolen, only the genuine cardholder can access the CVVkey code on their phone.
Additionally, CVVkey provides cardholders with greater control over their spending. They can set up various restrictions such as limiting contactless transactions, online payments, international transactions, cash withdrawals from a credit card, and categorizing specific merchants. Cardholders also have the ability to establish daily and monthly spending limits.
