PNC Bank Treasury Management, part of The PNC Financial Services Group, has piloted the MOTION CODE Dynamic CVV2 technology for commercial card customers, in association with IDEMIA, Visa and TSYS.
The MOTION CODE technology used in the pilot has been developed by IDEMIA. The technology is based on Visa’s Dynamic CVV2 Specification.
Aimed at lowering card-not-present fraud, the technology automatically alters the three-digit security code on the back of a credit card within a set time.
IDEMIA head of financial institutions for North America Megan Heinze said: “As EMV chip technology addressed card-present-fraud, there is an increased demand in the United States for security measures specifically designed for e-commerce.
“IDEMIA’s MOTION CODE technology is a solution to alleviate these concerns.”
The chip cryptogram in a card fights card-present compromise fraud while the dynamic CVV feature is designed to combat card-not-present compromise fraud.
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This addresses security concerns in the event of an EMV chip card equipped with Dynamic CVV2 being breached.
The firm intends to roll out the Dynamic CVV2 technology early next year.
PNC Treasury Management executive vice president and head of product management Christopher Ward said: “Almost all U.S. 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.”