PNC PILOTS DYNAMIC CVV2 TECH TO FIGHT CARD-NOT-PRESENT FRAUD
PNC Bank’s treasury management unit is trialling technology that guards against card-not-present fraud by automatically changing the three digit CVV code on the back of credit cards.
The pilot will see commercial card customers test Motion Code technology developed by Idemia based on Visa’s Dynamic CVV2 specification.
The Dynamic CVV2 is displayed on an e-ink screen on the back of a card where the code is normally printed, automatically changing within a set amount of time.
This means that if a card is compromised any information gained is rendered virtually useless for online fraud, which crooks have increasingly turned to since the introduction of EMV chip technology, which has made card-present theft more difficult.
PNC says that, following the pilot, it plans to roll out the technology to all of its treasury management card customers early next year.
– Finextra.com –