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 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.
Christopher Ward, head, product management, PNC Treasury Management, says: “Almost all US consumer and commercial credit cards now use EMV chip technology, which significantly reduces card-present counterfeit fraud since the EMV chip produces a one-time, dynamic code needed to process the transaction.
“Now, we can further protect online and other card not present transactions with this new technology, with the ultimate goal of making every transaction, whether in store or online, as secure as possible.”
PNC says that, following the pilot, it plans to roll out the technology to all of its treasury management card customers early next year.
Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.