Technology Magazine - USA (2021-02)

While fraudsters have been working overtime

during the COVID-19 pandemic developing new and

more aggressive ways to hack online merchants

and customers, Keyno was collaborating with Visa

and perfecting its CVVkey technology. This

innovation replaces the static three-digit security

code on the back of a credit card with a continually

changing code delivered to cardholders’

smartphones, similar to Google Authenticator.

Keyno’s solution is not only easy to implement, it’s

also risk-free for banks and credit unions. CVVkey

is available as a standalone branded/white-label

mobile app, or as a software development kit (SDK)

plug-in to a credit union/bank’s mobile app.

Michigan State University Federal Credit Union

(MSUFCU), which recently launched its own innovation

center, The Lab at MSUFCU, is the first financial

institution to trial Keyno’s fraud prevention solution.

Knowing Keyno is collaborating with Visa, Ben Maxim,

Assistant Vice President of Digital Strategy and

Innovation, moved forward with a pilot, offering

CVVkey to an initial group of 1,000 MSUFCU

members. The results are very promising. Maxim

says MSUFCU plans to widen the pilot, especially

since members who were not part of the initial

group are asking if they can participate.

“I’m very proud that MSUFCU is the first financial

institution to step up and address the growing

problem of digital payment fraud with a truly

innovative technology that credit unions, banks,

merchants and cardholders can all easily implement

and use,” says Maxim. “We think dynamic security

codes represent our best bet to drastically reduce

CNP fraud, and we’re very encouraged by the

results thus far. Keyno’s CVVkey is an effective

technology that we can offer to our members

quickly, at a time when preventing online fraud is

so critically important. We hope other credit unions

and banks embrace Keyno’s technology as well.

Keyno is simply an excellent company to work with.”

Adds Maxim: “We see this as an exciting

opportunity for both our employees and members

to be part of a payments innovation. We want to be

on the front end of technology, and it’s important

for us to be ahead of the game when it comes to

fighting fraud. Every dollar lost to fraud is a dollar

less we can spend on improving our programs and

helping our members.”

Keyno: Advanced

Fraud Prevention

for Digital Finance

Ben Maxim, Assistant Vice President at MSUFCU,

outlines why his company chose Keyno’s dynamic

CVVkeyTM product to bolster online security

Preventing

Online Fraud

Dynamic CVV2

for Credit,

Debit, and

Prepaid Cards

Start preventing the majority of online

Card Not Present fraud, today. Keyno

is dynamic security that can be easily

added to all Visa cards. Keyno provides

a dynamic CVV2 (CVVkeyTM) on your

phone that replaces the static CVV2

on your card.The dynamic CVV2

validates on VisaNet during the

transaction and is compatible with

your existing card processing.

• Delivers CNP fraud reduction
  & increases card usage


• Requires only a simple one-time
  sign up form


• Dynamic CVV2 validates seamlessly
  on VisaNet, worldwide


• Works on already-issued cards


• Compelling business case; ROI
  in 1-2 months

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