National Bank of Fujairah launches new cybersecurity feature, CVVkey
By Leandra Monteiro
National Bank of Fujairah (NBF) has announced the introduction of CVVkey™, a proven solution to tackle 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.
According to fraud analysis, over 90% of payment card fraud takes place online. 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 simply enters the fresh code from the app on their phone.
Due to the dynamic nature of the security code, if the card is ever compromised or stolen, unauthorized 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 when they are set up. From then on, payment will be taken seamlessly.
Vince Cook, CEO, National Bank of Fujairah said, “I am delighted that NBF is once again leading the way nationally in the deployment of innovative digital technology like CVVkey™. It will bring an immediate benefit to our customers, addressing one of their principal concerns when undertaking transactions both online and offline”.
CVVkey™ is a product of Keyno, which developed the first dynamic CVV2 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.
“CVVkey protects your credit and debit cards from unauthorized 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, Keyno.
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