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Keyno seeks funding via Wefunder to offer credit card fraud prevention

Monday 13 April 2020 12:30 CET | News

US-based startup Keyno has announced it will be seeking funding through equity crowdfunding platform Wefunder

Keyno describes itself as a dynamic security code that can be added to all Visa credit and debit cards, preventing fraud on CNP transactions. The company also claims to be a smartphone-based technology designed specifically to prevent credit and debit card fraud — rather than simply detect it — on already-issued cards. As such, a 3-digit dynamic CVV2 (CVVKey) code is issued multiple times a day and replaces the static 3-digit security code that is printed on the card. The dynamic CVV2 is validated on VisaNet during the transaction and is compatible with existing card processing.

The startup noted its code is available as a standalone white labeled or branded mobile app, or as a software developer kit (SDK) plug-in to a bank’s mobile app. The company’s technology is implemented through a two-step process: initially, the card-issuing bank signs up with Keyno and Visa for the service to be enabled on a range of cards via a simple form. Secondly, once enabled on VisaNet, banks will offer the tech as an option to its cardholders, who can activate their already-issued cards.

 


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Keywords: Keyno, credit card, fraud prevention, equity crowdfunding, Wefunder, cards, cardholders, security, US, credit cards, debit cards, transactions, banks, issuer
Categories: Payments & Commerce | Cards
Countries: United States
This article is part of category

Payments & Commerce