NBF introduces CVVkey solution to curb online card fraud

National Bank of Fujairah (NBF) has introduced 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.

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, 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.

“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 Mr. Robert J Steinman, CEO, of Keyno.

CVVkey also allows cardholders to control and manage card spending. 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 US-based 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.