The National Bank of Fujairah (NBF) has announced the launch of CVVkey™, a proven solution to combat online card fraud that works with all of the bank’s credit and debit cards. CVVkey™ will play an important role in NBF’s efforts to improve cybersecurity throughout its operations and protect its customers from fraud and other online threats.
Vince Cook, CEO, the 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™ addresses this vulnerability by replacing the card’s 3-digit CVV code with a dynamic CVV code that changes throughout the day and is easily accessible via the CVVkey app on the cardholder’s phone.
Keyno, the company that created the first dynamic CVV2 code technology that protects credit, debit, and prepaid cards from online fraud, produces CVVkey™. Financial institutions that issue cards are given the CVVkey™ service through a partnership with Visa.
Robert J Steinman, CEO, of Keyno, said, “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.”
For each card signed up for the service, the CVVkey™ app generates a different 3-digit dynamic security code every few hours. The cardholder only needs to enter the most recent code from the app on their phone whenever the three-digit security code on the back of the card is required (for instance, during checkout for online purchases).