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Australia's major banks turn to dynamic CVV

Tuesday 12 July 2022 12:36 CET | News

Three of the ‘Big Four’ Australian banks have turned to dynamic card verification value (CVV) functionality to combat online payment fraud and boost digital consumer protections.

The CVC or CVV is traditionally a static, three-digit number found on the back of a physical debit or credit card that acts as an additional layer of verification or security when a customer is transacting online. The advent of digital payment cards means new dynamic verification options are now possible.

NAB, ANZ, and Westpac have all introduced dynamic CVV, also known as dynamic card verification code (CVC), which sees the three verification digits of a digital payment card routinely change for greater online security.

CBA is the only remaining ‘Big Four’ bank that is yet to introduce a version of a dynamic CVV.


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Keywords: banks, credit card fraud, online payments, online fraud, debit card
Categories: Fraud & Financial Crime
Companies:
Countries: Australia
This article is part of category

Fraud & Financial Crime