Client Background
A Caribbean financial institution sought to address rising card‑not‑present (CNP) fraud affecting both credit and debit card portfolios. Traditional static CVV2 security codes were proving ineffective against increasingly sophisticated online fraud attacks.
Challenge
- High levels of online card fraud despite existing predictive controls.
- Customer frustration due to false declines and security friction.
- Need for a digital‑first, cardholder‑friendly solution that could integrate quickly with existing systems.
Solution
The bank partnered with Keyno to implement CVVkey™, a dynamic CVV2 (dCVV2) solution that generates a new 3‑digit code every few hours, protecting the cardholder from online fraud.
- Integrated via a white‑label mobile app and SDK.
- No card re‑issuance required—existing cards were enabled.
- Seamless synchronization with Visa and Mastercard networks.
- Included optional features such as 3DS biometric confirmation and digital card display.
Implementation
Deployment was completed in phases over a six‑month period with full integration to the issuer’s card management system and IBM Cloud infrastructure. Cardholders enrolled through the bank’s mobile app and began using dynamic CVV2 for e‑commerce and phone transactions.
Results
- Fraud reduction: Over 95% decrease in CNP fraud within months.
- Transaction approvals: Increased from 95.9% to 99.4%.
- Customer satisfaction: Higher confidence and adoption of digital payments.
- Cost savings: Significant reduction in fraud losses and chargeback management costs.
Key Takeaways
Keyno’s CVVkey™ provided a turn‑key, globally scalable solution that not only strengthened fraud prevention but also supported the client’s digital transformation strategy—enabling digital card issuance, Click‑to‑Pay, and biometric 3DS authentication for a seamless customer experience.
To avail the product visit- CVVkey - IBM Cloud
To book a consult with us visit- IBM Cloud for Financial Services