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Keyno is the maker of the first dynamic CVV2 (“dCVV2”) code technology that integrates with already-issued credit, debit, and prepaid cards to prevent online fraud. The CVVkey™ service is offered in collaboration with Visa to card-issuing financial institutions.
In short, Keyno addresses the large, and growing, online card fraud losses that banks, credit unions, merchants, and cardholders incur. Online CNP (card not present) fraud is 4X more likely than in-store (or card present) fraud.¹
Keyno is available as a standalone or branded mobile app, or as a software developer kit (SDK) plug-in to a bank or credit union’s mobile app.
Keyno’s technology is implemented via a two-step process: First, the card-issuing bank or credit union contracts with Keyno and notifies Visa to enable dCVV2 on a range of cards. Banks and credit unions can then offer the CVVkey™ solution as an option to their cardholders, who can quickly and easily activate the service on their current cards. After activation, the dCVV2 code is then validated for each transaction on VisaNet prior to the financial institution’s card processing.
Depending on how each bank offers Keyno, cardholders can turn on the service on by scanning a QR code from their card issuer, and then downloading the Keyno app, or by enrolling via their card issuer’s banking app. Once activated, a new dynamically created dCVV2 security code is issued every 4-12 hours, similar to how Google Authenticator rotates secure codes, and regardless if they use their card. When cardholders make an online purchase for which they must input their CVV2 code, they simply refer to their mobile app and input the current dCVV2 code to make a secure purchase.
One payment card features an LCD screen and built-in battery, uses dCVV2, but is typically offered only to high net worth individuals, because it costs 5 times that of a standard credit/debit card. There are a few other fraud detection solutions implemented by merchants and supported by banks, but they do not prevent online card fraud before it happens.
No. The dCVV2 replaces the static CVV2 printed on the card, in all places where the CVV2 is requested.
Yes. When you first enter your card to be “on file,” you enter your dCVV2 code, just as you would have entered your static 3-digit code on the back of your card. After that, charges are processed as recurring payments without the dCVV2 code.
Keyno is compatible with all of the mobile payment providers and all of the merchants that store cards on file.
The collaboration makes it easy for card issuers to enroll in dCVV2. All it takes is BIN-level signup via a simple form (CIQ), after which their cardholders can enroll in the service in a matter of weeks.