In a UAE first, the National Bank of Fujairah (NBF) has introduced "CVVkey", a  solution to online card fraud that can be used across all credit and debit cards issued by the bank.

 

CVVkey will be a key element in NBF's efforts to improve cybersecurity across its operations and protect its customers from fraud and other online threats, said a Wam news agency report.

 

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.

 

Even cardholders who never use their cards online can be victims. CVVkey solves this vulnerability by replacing the 3-digit CVV code on the back of the card with a dynamic CVV code that changes throughout the day that is easily accessed through the CVVkey app on the cardholder's phone.

 

Every few hours, the CVVkey app provides a unique 3-digit dynamic security code for each card enrolled in the service. Whenever the three-digit security code on the back of the card is requested (for example, during checkout for online purchases), the cardholder enters the new code from the app on their phone.

 

Thanks to the dynamic nature of the security code, if the card is ever compromised or stolen, unauthorised online purchases will be denied. Recurring payments, such as subscriptions, where the merchant has the card details on file, are not affected by switching to CVVkey. Pre-existing payments will continue to be taken, and any new recurring payments will be authenticated using dynamic CVV once they are set up. From then on, payment will be taken seamlessly.

 

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."

 

"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," said Robert J Steinman, CEO of Keyno.

 

CVVkey also allows cardholders to control and manage card spends. Cardholders can choose to enable or restrict different types of transactions, such as contactless transactions, online transactions, international transactions, cash withdrawals on a credit card, or merchant categories, including subscriptions for services. Cardholders can also set daily or monthly spending limits.

 

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, said the report.