RHB targets card fraud with automatically refreshed CVV codes
Malaysia’s RHB is tackling fraud by launching automatically refreshed dynamic card verification value (CVV) security codes on its cards, writes Jane Connolly.
Fintech Malaysia reports that the fraud prevention technology sees a new algorithm-generated three-digit code appearing periodically on an e-paper mini-screen on the back of the card.
The RHB Rewards Motion Code is an alternative to the static CVV code on the back of standard credit and debit cards, which only changes when the card is replaced.
According to 2018 research by Bank Negara Malaysia, over 92% of total fraud losses in the country were attributed to payment card fraud, mainly through card-non-present (CNP) fraud. Criminals use CVV code, stolen PIN numbers and identity theft to carry out unauthorised online transactions.
“RHB is proud to be at the forefront of fraud prevention in Malaysia,” says Nazri Othman, acting head of group retail banking at RHB Banking Group. “In our efforts to curb fraud, we continue to pursue innovation in line with our aspirations to be a digital-centric bank by 2022.”
“By partnering with Visa and IDEMIA, we have been able to leverage on best-in-class security features to safeguard our customers’ financial resources. This card provides a complete end-to-end solution for RHB as an issuer and for our cardholders,” adds Othman.
According to Fintech Malaysia, RHB hopes to issue new RHB Rewards Motion Code credit cards to 21,000 customers per year and will waive annual fees for the first year.