PITTSBURGH, Nov. 7, 2018 /PRNewswire/ -- PNC Bank Treasury
Management, a member of The PNC Financial Services Group, Inc.,
today announced the pilot of Dynamic CVV2 technology for commercial
card customers, working together with IDEMIA, Visa® and
TSYS®. The pilot employs MOTION CODE™ technology
developed by IDEMIA and based on Visa's Dynamic CVV2
Specification, that automatically changes the three-digit security
code appearing on the back of a credit card within a set amount of
time.
The Dynamic CVV2 is displayed on an e-ink screen on the back of
a card where the CVV2 normally is printed as a static security
code. Building on the effectiveness of EMV® chip
technology in reducing card-present, counterfeit fraud at the
physical point-of-sale, the Dynamic CVV2 card is designed to reduce
card-not-present fraud.
"Almost all U.S. consumer and commercial credit cards now use
EMV chip technology, which significantly reduces card-present
counterfeit fraud since the EMV chip produces a one-time, dynamic
code needed to process the transaction," said Christopher Ward, executive vice president and
head of product management, PNC Treasury Management. "Now, we can
further protect online and other card not present transactions with
this new technology, with the ultimate goal of making every
transaction, whether in store or online, as secure as
possible."
If an EMV chip card with Dynamic CVV2 is compromised, any
information is rendered virtually useless since the chip cryptogram
protects against card-present compromise fraud and the dynamic CVV
functionality protects against card-not-present compromise fraud
when a merchant system requests and verifies the code. Dynamic CVV2
requires no change in cardholder or merchant behavior. The
cardholder simply uses the number displayed on the back of the card
at the time of purchase
"People do not want to change the way they shop online or add
additional steps to the online ordering process," said Megan Heinze, Head of Financial Institutions,
IDEMIA, North America. "As EMV
chip technology addressed card-present-fraud, there is an increased
demand in the United States for
security measures specifically designed for e-commerce. IDEMIA's
MOTION CODETM technology is a solution to alleviate
these concerns."
PNC Treasury Management expects to offer Dynamic CVV2 technology
to current customers in early 2019, following completion of the
pilot.
About IDEMIA
OT-Morpho is now IDEMIA, the global leader in Augmented Identity
for an increasingly digital world, with the ambition to empower
citizens and consumers alike to interact, pay, connect, travel and
vote in ways that are now possible in a connected environment.
Securing our identity has become mission critical in the world
we live in today. By standing for Augmented Identity, we reinvent
the way we think, produce, use and protect this asset, whether for
individuals or for objects. We ensure privacy and trust as well as
guarantee secure, authenticated and verifiable transactions for
international clients from Financial, Telecom, Identity, Public
Security and IoT sectors.
OT (Oberthur Technologies) and Safran Identity & Security
(Morpho) have joined forces to form IDEMIA. With close to
$3 billion in revenues and 14,000
employees around the world, IDEMIA serves clients in 180
countries.
About PNC
PNC Bank, National Association, is a member of The PNC Financial
Services Group, Inc. (NYSE: PNC). PNC is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACT:
Rob Tacey
(302) 429-2743
robert.tacey@pnc.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pnc-treasury-management-pilots-idemias-motion-code-dynamic-cvv2-technology-for-commercial-card-clients-300745655.html
SOURCE PNC Financial Services Group, Inc.