National Bank of Fujairah (NBF) has recently announced the introduction of CVVkey™, a proven 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.

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 check out for online purchases), the cardholder simply enters the fresh code from the app on their phone. Thanks 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 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.

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.