UAE-based National Bank of Fujairah (NBF) has launched an online fraud prevention solution to improve its operations’ cybersecurity and protect customers against fraud. Entitled ‘CVVkey’, the fraud prevention tool is a proven solution to online card fraud and, as per press release information, it can be used across all credit and debit cards that have been issued by the bank, and it will mark a key element in NBF’s efforts of having its cybersecurity improved and its customers protected from fraud and other online threats.

CVVkey is a Keyno product, who developed the first dynamic CVV2 (dCVV2) code technology for online fraud prevention and is provided to card-issuing financial institutions in collaboration with Visa. Based on fraud analysis information, as presented in the announcement, although fraudulent capture of card details can occur at both point-of-sale machines and ATMs, more than 90% of fraud related to card payments takes place online. Additionally, stolen credit and debit cards are leveraged when committing online fraud in more than 90% of cases where there is no requirement for the card PIN to be provided.

Fraud prevention and how the CVVkey solution falls into place As even cardholders who do not use their cards online can be vulnerable, CVVkey aims to solve this by having the 3-digit CVV code on the back of the card replaced with a dynamic CVV code that changes throughout the day and can be accessed through the CVVkey app on the cardholder's phone in an easy manner. For every card that is enrolled in the service, the CVVkey app provides a unique 3-digit dynamic security code every few hours, and whenever the CVV code on the back of the card is needed, be that at an online purchases’ checkout, the cardholder uses the new code from the app. Due to the dynamic nature of the security code, should the card be compromised or stolen, unauthorised online purchases will be denied.

Recurring payments of the likes of subscriptions, where the card details are held by the merchant, are not affected when switching to CVVkey. As per press release information, pre-existing payments will continue to be carried out, and new recurring payments, once they are set up, will be authenticated by leveraging dynamic CVV. When speaking on the announcement NBF officials advised that by having deployed this digital technology, the company aims to address their customers principal concern when carrying out both online and offline transactions.

Keyno officials added that CVVkey protects credit and debit cards from unauthorised use, as even if the card has been seen or stolen, only the cardholder can access the CVVkey code on their phone. Furthermore, CVVkey enables cardholders to control and manage card expenses, with them being able to decide whether to allow or restrict different types of restrictions of the likes of contactless transactions, online transactions, international transactions, cash withdrawals on a credit card, or merchant categories, together with subscriptions for services. Additionally, cardholders can set both daily and monthly spending limits.

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