Khaleej Times, Thursday, Jan 05, 2023 | Jamadi Al Thani 12, 1444
UAE bank launches first-of-its-kind online fraud prevention tool
In a nationwide first, the National Bank of Fujairah (NBF) has 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.
Where does fraud occur?
According to fraud analysis, while the fraudulent capture of card details can
occur at point-of-sale machines and ATMs, over 90 per cent of payment card fraud
occurs online. Furthermore, in over 90 percent of cases, stolen credit and debit
cards are used to commit fraud online, where the card PIN 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 enters the new code from the app on their phone.
Thanks to the dynamic nature of the security code, if the card is ever
compromised or stolen, unauthorised 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 they are set up. From then on, payment will be taken
Vince Cook, CEO of National Bank of Fujairah, said, "I am delighted that NBF is
once again leading the way nationally in deploying innovative digital technology
like CVVkey™. It will bring an immediate benefit to our customers, addressing
one of their principal concerns when undertaking online and offline
"CVVkey protects your credit and debit cards from unauthorised 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 of 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.