Fujairah: National Bank of Fujairah (NBF) has launched the CVVkey, a proven remedy to online card fraud that can be applied to all of the bank’s credit and debit cards. In order to increase cybersecurity throughout its operations and safeguard its clients from fraud and other online dangers, NBF will rely mainly on CVVkey.
According to fraud analysis, while the fraudulent capture of card details can occur at point-of-sale machines and at ATMs, over 90 percent of payment card fraud takes place online. Furthermore, in over 90 percent of cases, stolen credit and debit cards are used to commit fraud online, where the card PIN number 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 simply enters the fresh code from the app on their phone.
Because of 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.
Mr. Vince Cook, CEO of the National Bank of Fujairah stated that, “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 (“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.