Fidelity Bank Bahamas was able to dramatically reduce Card Not Present (CNP) fraud for its clients through the use of Keyno’s CVVkey solution. CVVkey is a dynamic CVV2 (dCVV2) offering that replaces the static three-digit code that has historically been printed on the back of a credit or debit card with a dynamic code that changes on a regular basis.
Keyno teamed up with Visa to deliver the CVVkey solution for Fidelity Bank. The bank decided to make the switch to a dynamic CVV2 option to fight high CNP fraud rates in 2020. The service has now been set up for all customers who have a Visa debit or credit card with the bank, and has already reduced year-over-year fraud rates by 70.8 percent for debit cards and 91.3 percent for the credit cards.
Visa’s own reporting has shown that dCVV2 tech can lower fraud to less than 0.01 percent. The solution virtually eliminated CNP fraud for Fidelity Bank Bahamas customers.
“We are experiencing great results with CVVkey and are thrilled by the reduction of CNP fraud for our cardholders,” said Fidelity Bank Card Services Director Heatherdawn Blake-Brown. “The application is secure, simple and easy to use by clients – proven by the fact that transaction volume didn’t change. CVVkey is simply a great innovation.”
Customers can open Keyno’s standalone mobile app to figure out what their changing three-digit CVV code is at any given time. The company also offers a software development kit that card issuers can use to integrate the service into their own first-party applications. Since the utility is delivered through an app, banks can use it to provide dCVV2 services for cards that have already been distributed to customers.
In that regard, CVVkey differs from other dCCV2 solutions like IDEMIA’s Motion Code, which displays the shifting CVV code on a small screen on the back of the card itself. Like CVVkey, Motion Code is compatible with Visa’s dCVV2 service.