Members of Michigan State University Federal Credit Union (MSUFCU) in the USA are to take part in a three-month pilot scheme to test the use of dynamic CVV codes when making online or in-app purchases with their credit card.
The dynamic security codes are generated using dynamic card verification value 2 (CVV2) code technology designed to help prevent card-not-present fraud on ecommerce transactions.
“Once activated, cardholders will download and use the Keyno mobile app to obtain a dynamic CVV2 code for online and in-app purchases, rather than using the static three-digit code on the back of their payment card,” explains Keyno, the company that developed the technology.
“A new code is generated every six hours on the app using the Visa dCVV2 Generate service so cardholders may be confident their account numbers cannot be successfully reused by online hackers if stolen.”
“This new approach in generating dynamic CVV2 codes is frictionless for merchants — they simply request the three-digit security code (CVV2) at checkout as normal,” Keyno adds.