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Online card fraud solution: UAE bank introduces CVVkey

Amid a rising number of online card fraud incidents, a bank in the UAE has announced a "fail-proof" solution: a CVVkey that can be used in all credit and debit cards issued. The CVVkey by National Bank of Fujairah (NBF) is considered a first in the UAE and is billed as a “proven solution to online card fraud.” According to fraud analysis, while the fraudulent capture of card details can occur at point-of-sale machines and ATMs, over 90 percent of payment card fraud occurs online. 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.

How does CVVkey work?

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 seamlessly. "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,” said Robert J Steinman, CEO of Keyno who developed the technology. 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. ICA/Expat Media ALSO READ: Filipina in Dubai loses savings to scammer using fake McDonald's website
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