Keyno’s CVVkeyTM Fraud Prevention Solution Significantly Reduces Online Fraud for Fidelity Bank Bahamas Customers

Keyno Inc, a leading maker of cutting-edge payment technologies, today announced it has facilitated a dramatic and sustained reduction in online fraud at Fidelity Bank Bahamas with its CVVkey (dynamic CVV2) fraud prevention solution. 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, the world leader in digital payments, showed fraud reduction to less than 1bps when dCVV2 was used in a transaction.

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, which it also released on June 8, 2022. Keyno made the announcement at Money20/20 Europe in Amsterdam, June 7-9.

“We are extremely happy. The reduction in card-not-present fraud within months of implementation was incredible,” Heatherdawn Blake Brownn, Director, Card Services, Fidelity bank. “The CVVkey application is secure, simple, and easy to use.”

The CVKey app’s dynamic CVV2 replaces the 3 digit number printed on the backside of cards with a 3-digit code that is constantly changing. The dCVV2 is entered by a cardholder when they pay online.

Fidelity Bank Bahamas mandated all credit and debit card holder to adopt CVVkey by 2021. The bank had suffered card-not-present fraud rates as high as 23 bps (basis point) on its credit card portfolio and 42 bps for its debit card portfolio during 2020. After implementing CVVkey, fraud rates Jan 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. Cardholders who enrolled in CVVkey were responsible for the difference in fraud rates between credit and debit card portfolios.

“We are experiencing great results with CVVkey and we are thrilled by the reduction of CNP fraud for our cardholders,” Blake-Brown. “Our cardholders are so happy that several of them have sent letters thanking us for protecting them from fraud attempts. The application is secure, simple and easy to use by clients – proven by the fact that transaction volume didn’t change. CVVkey is simply a great innovation.”

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 quick and easy two-step process. First, the card-issuing institution must sign up to enable the service on a number of cards. Once the service is enabled, the bank/credit union can offer it to cardholders who can then activate their cards quickly.

Keyno provides solutions for digital cards, Visa Transaction Controls, 3DS step-up biometric authentication and dynamic CVV2. This replaces the need of an OTP.

Actual fraud reduction results from Keyno’s CVVkey service will vary between card portfolios, and over time. The actual fraud reduction results shown here are an example, but not a guarantee.

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