Mexico's BBVA Bancomer has become the first bank to commercially implement technology that replace static three-digit security codes with a dynamic CVV/CVC that changes every 20 minutes as part of its mobile wallet app.
Designed to protect against Card Not Present fraud, Gemalto's Dynamic Code Verification solution is a new feature of BBVA Bancomer's mobile wallet. The deal also includes the provision of a validation server and associated services.
"Mobile Banking and e-commerce are expanding rapidly, but lack of trust can prevent some customers from embracing it," says Hugo Najera Alva, general director of digital banking of BBVA Bancomer. "Our long time partner, Gemalto helped us quickly implement groundbreaking dynamic CVV/CVC technology and the response thus far has been outstanding: in the first weeks of the project we already have more than 100,000 active users."
While BBVA is implementing the technology on its mobile app, the vendor's OT Motion Code technology operates in the physical world, replacing the three-figure CVV code on the rear of a card with a small screen display that automatically changes periodically. BNP Paribas is currently testing the technology in a small scale trial involving 1000 EMV display cards. The first live trials of the product were conducted last year by Banque Populaire and Caisse d’Epargne.