RHB unveiled today at their press conference, its latest fraud prevention technology for their card users. Partnering with Visa and IDEMIA, their credit card generates dynamic card verification value (CVV) security code on an e-paper mini-screen at the back of the card.
This basically means the 3 digit code at the back of your card will automatically refresh regularly, replacing the static 3 digit code at the back of a typical credit or debit card.
Dubbed as RHB Rewards Motion Code™, RHB said in a statement that this technology is set to prevent credit card fraud and hackers from accessing important data and disrupting transactions.
In 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. Payment card fraud is mainly contributed by card-not-present (CNP) fraud such as unauthorised online transactions using stolen PIN numbers, CVV code and identity theft.
“RHB is proud to be at the forefront of fraud prevention in Malaysia. In our efforts to curb fraud, we continue to pursue innovation in line with our aspirations to be a digital-centric bank by 2022.
By partnering with Visa & IDEMIA, we have been able to leverage on best-in-class security features to safeguard our customers’ financial resources. This card provides a complete end-to-end solution for RHB as an issuer an for our cardholders,” said Nazri Othman, Acting Head of Group Retail Banking, RHB Banking Group.
This technology relies on a complex algorithm to automatically generate a new code, and does not require any disruptive process such as installing a plugin or having to key in additional data. RHB targets to issue 21,000 new RHB Rewards Motion Code TM credit cards per year. Customers will also receive a waiver of annual fees on the first year.
