Keyno News


Press Release: National Bank of Fujairah (NBF) is the first bank in the UAE to introduce a proven online fraud prevention solution CVVkey™ is part of NBF’s on-going efforts to improve cybersecurity and protect customers from fraud


  • NBF is the first bank in the UAE to introduce a proven online fraud prevention solution
  • CVVkey™ is part of NBF’s on-going efforts to improve cybersecurity and protect customers from fraud

In a nationwide first, National Bank of Fujairah (NBF) has today announced the introduction of CVVkey™, a proven solution to online card fraud that can be used across all credit and debit cards issued by the bank. CVVkey™ will be a key element in NBF’s efforts to improve cybersecurity across its operations and protect its customers from fraud and other online threats.

According to fraud analysis, while the fraudulent capture of card details can occur at point-of-sale machines and at ATMs, over 90 percent of payment card fraud takes place online. Furthermore, in over 90 percent of cases, stolen credit and debit cards are used to commit fraud online, where the card PIN number is not required.

Even cardholders who never use their cards online can be victims. CVVkey™ solves this vulnerability by replacing the 3-digit CVV code on the back of the card with a dynamic CVV code that changes throughout the day that is easily accessed through the CVVkey app on the cardholder’s phone.

Every few hours, the CVVkey™ app provides a unique 3-digit dynamic security code for each card enrolled in the service. Whenever the three-digit security code on the back of the card is requested (for example, during check out for online purchases), the cardholder simply enters the fresh code from the app on their phone. Thanks to the dynamic nature of the security code, if the card is ever compromised or stolen, unauthorized online purchases will be denied. Recurring payments such as subscriptions, where the merchant has the card details on file, are not affected by switching to CVVkey™. Pre-existing payments will continue to be taken, and any new recurring payments will be authenticated using dynamic CVV once when they are set up. From then on, payment will be taken seamlessly.

Vince Cook, CEO, National Bank of Fujairah said: “I am delighted that NBF is once again leading the way nationally in the deployment of innovative digital technology like CVVkey™. It will bring an immediate benefit to our customers, addressing one of their principal concerns when undertaking transactions both online and offline”.

“CVVkey protects your credit and debit cards from unauthorized use. No matter who’s seen your card, even if you lose it, only you have access to the CVVkey code on your phone. So you can feel better about carrying your card with you, shopping online, and using it for all your purchases” said Robert J Steinman, CEO, Keyno.

CVVkey™ also allows cardholders to control and manage card spends. Cardholders can choose to enable or restrict different types of transactions such as contactless transactions, online transactions, international transactions, cash withdrawals on a credit card, or merchant categories, including subscriptions for services. Cardholders can also set daily or monthly spending limits.

CVVkey™ is a product of Keyno, which developed the first dynamic CVV2 ("dCVV2") code technology that works with credit, debit, and prepaid cards to prevent online fraud. The CVVkey™ service is provided to card-issuing financial institutions in collaboration with Visa.


About National Bank of Fujairah PJSC:

Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’ah compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.

NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB / A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.

About Keyno

Keyno is a technology company focused on leading-edge, easy-to-implement payment technologies. CVVkey™ is a highly effective, inexpensive, turnkey solution that is easy for bank card issuers to implement in weeks without any integration. CVVkey incorporates dynamic CVV2 with 3DS step-up biometric authentication that meets European PSD2 requirements for Strong Customer Authentication. Created by technologist and serial entrepreneur Robert Steinman, Keyno addresses the large, and growing, online fraud problem enabling cardholders to shop online without fear. For more information on Keyno, visit

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