The year-over-year comparison of debit and credit card portfolios showed an overall fraud reduction of 70.8% and 91.3% respectively. A separate aggregation of results from Visa showed fraud reduction to less than 1bps when dCVV2 was used in a transaction.
The CVV2 (dCVV2) provided by the CVVKey app replaces the static three-digit number printed on the back of a card with a regularly changing 3-digit code. When a cardholder proceeds to pay for an online purchase, they input the dCVV2 in place of the static CVV2.
In 2021, Fidelity Bank Bahamas required all its credit and debit card holders to adopt CVVkey, having experienced card-not-present fraud rates of 23 bps on its credit card portfolio, and 42 bps on its debit card portfolio during 2020. After implementing CVVkey, fraud rates January through July of 2021 were reduced to 2.0 bps on the bank’s credit card portfolio, and 12.2 bps on its debit card portfolio, with no card that implemented dCVV2 experiencing any CNP fraud.
Keyno’s CVVkey is available as a standalone mobile app or as a software developer kit (SDK) plug-in to a card issuer’s mobile app. Keyno’s technology is implemented via a two-step process. First, the card-issuing financial institution signs up for the service to be enabled on a range of cards. Once enabled, the bank or credit union can offer the technology to its cardholders, who can activate their already-issued cards.
Visa, which partnered with Keyno to provide the solution for Fidelity Bank Bahamas customers’ Visa credit and debit cards, documented the results in a new case study.
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