OT-Morpho says that Chinese bank CMBC’s new Visa Signature credit card is the first one in China to feature MOTION CODE dynamic CVV2, a technology developed to provide a higher security for internet transactions, considerably reducing the risk of online fraud.
Traditional payment cards feature a static cryptogram (CVV2) used to pay online, printed on the back of the card next to the signature panel. This data, as well as the card number (PAN) and expiry date, may be stolen and used to pay online fraudulently.
With MOTION CODE, the CVV2 becomes a dynamic CVV2: the 3 digits appear permanently on a mini screen embedded within the card, but they change automatically every hour, without the need for the cardholder to press any button. That way, any stolen data becomes rapidly unusable online by a fraudster.
E-commerce has become a daily habit for millions of Chinese people who are shopping both locally and internationally. CMBC is targeting the cross-boarder e-commerce transactions providing this unique Visa Signature credit card to its cardholders addressing their specific needs.