Photo for illustrative purposes only. ARCHIVE

National Bank of Fujairah unveils solution to online fraud

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 in a nationwide first. CVVkey will play an essential role in NBF's efforts to boost cybersecurity and safeguard its consumers from fraud and other online dangers. According to fraud studies, while fraudulent card details can be captured at point-of-sale devices and ATMs, more than 90% of payment card theft occurs online. Furthermore, stolen credit and debit cards are used to conduct fraud online in over 90% of cases when the card PIN is not required. The CVVkey app generates a unique 3-digit dynamic security code for each card enrolled in the service every few hours. When the three-digit security code on the back of the card is needed (for example, during online checkout), the cardholder enters the new number from their phone's app. With the dynamic nature of the security code, unauthorized online purchases will be prohibited if the card is compromised or stolen. Switching to CVVkey does not affect recurring payments, such as subscriptions, when the merchant has the card details on file. Pre-existing payments will be accepted, and new recurring payments will be validated using dynamic CVV once set up. Payment will be made from then on. Cardholders can also use CVVkey to control and manage their card spending. Cardholders can activate or disable certain transactions, such as contactless transactions, online transactions, foreign transactions, cash withdrawals on a credit card, or merchant categories, such as service subscriptions. Cardholders can also set spending limitations on a daily or monthly basis. CVVkey is a Keyno product that uses the first dynamic CVV2 (dCVV2) code technology to prevent online fraud with credit, debit, and prepaid cards. In conjunction with Visa, the CVVkey service is supplied to card-issuing financial institutions. BKM/ Expat Media
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