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FUJAIRAH – The National Bank of Fujairah (NBF) is the first in the country to announce the launch of ‘CVVkey’, a proven online credit card fraud solution that can be used on all credit and debit cards issued by the bank.
CVVkey will be a key element in NBF’s efforts to improve the cybersecurity of its operations and protect its customers from fraud and other online threats.
While the fraudulent capture of bank card details can occur at point-of-sale machines and ATMs, more than 90 percent of payment card fraud occurs online, according to Fraud Analysis. Additionally, in more than 90% of cases, stolen credit and debit cards are used for online fraud without the need for a card PIN.
Even cardholders who never use their credit cards online can be victims. CVVkey addresses 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 and is easily accessible by the CVVkey app on the cardholder’s phone.
Every few hours, the CVVkey app issues a unique 3-digit dynamic security code to each card registered with the service. Whenever the three-digit security code on the back of the card is required (for example, when checking out for online shopping), cardholders enter the new code from the phone app.
Due to the dynamic nature of the security code, unauthorized online purchases will be declined if the card is compromised or stolen. Switching to CVVkey will not affect recurring payments such as subscriptions, where merchants have card details on file. Pre-existing payments will continue and any new recurring payments will be authenticated using the dynamic CVV once set up. From then on, payments will proceed seamlessly.
Vince Cook, Chief Executive Officer, National Bank of Fujairah, said: “I am delighted that NBF is once again leading the deployment of innovative digital technologies such as CVVkey™ across the country. This will bring immediate benefits to our customers, solving one of their top concerns when conducting online and offline transactions.”
“CVVkey protects your credit and debit cards from unauthorized use. No matter who sees your card, even if you lose it, only you have access to the CVVkey code on your phone. So you can take it with you with added confidence Carry your card with you, shop online and use it for all your purchases,” said Robert J Steinman, CEO of Keyno.
CVVkey also allows cardholders to control and manage card spending. Cardholders can choose to enable or restrict different types of transactions, such as contactless transactions, online transactions, international transactions, credit card cash withdrawals or merchant categories, including subscription 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 for use with credit, debit and prepaid cards to prevent online fraud. The CVVkey service is offered to card-issuing financial institutions in partnership with Visa.
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