Malaysia-based RHB Group has launched a credit card with a dynamic card verification value (CVV) security code.
The launch of the new offering, dubbed RHB Rewards Motion Code Credit Card, is aimed prevent credit card fraud.
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Unlike the conventional cards with static CVV, this card generates dynamic value on an e-paper mini-screen at the back of the card.
It utilises a complex algorithm to generate the new CVV code. Accordingly, the technology does not require the installation of an additional plugin to provide dynamic CVV.
In a statement the bank said that the technology will be effective in preventing the hackers from accessing key.
The Malaysian lender introduced the card in collaboration with IDEMIA, reported Malaysian news agency Bernama.
RHB acting head of retail banking Nazri Othman was quoted by the news agency as saying: “According to a 2018 report by Bank Negara Malaysia (BNM), the majority of payment card fraud cases in Malaysia involved credit cards, which accounted for 92.1% of total fraud losses.
“In our pursuit to provide superior experiences for our customers, the RHB Rewards Motion Code Credit Card creates a secure space for our customers when making financial transactions.”
In April this year, RHB launched two multicurrency debit cards. The newly launched Visa debit cards offers access to 13 foreign currencies, apart from Malaysian ringgit.
