Getin Bank has launched a pilot programme with MasterCard to introduce a revolutionary new dynamic card verification code (DCVC) on the back of its payment cards in Poland. The Polish bank plans to replace the static three-digit security code on its cards with a dynamic, changeable code that can be constantly altered electronically in order to enhance security. Getin Bank is planning to roll out the new DCVC card fully to its customers by the end of Q2 this year.
The pilot electronic CVC security code launched last week, in conjunction with MasterCard, is displayed on an integrated mini-screen that is automatically refreshed every hour. The technology applies a cutting edge banking solution to fight potential theft, fraud in online transactions and database hacking.
According to the partners, it is the first and as yet only payment card in the world with an integrated display showing a dynamic CVC security code. For a cardholder, the use of the DCVC card in online transactions does not differ from a regular card with a static card verification code. While paying online the payer enters the requested data and the verification code that is displayed in the card’s mini-monitor into the Internet form. Upon authorisation the payment acceptance is automatically transferred to the online shop.
The solution is intuitive and much faster than other security protocols for securing online transactions such as 3D Secure, claims the bank, which requires a cardholder to enter additional codes sent by SMS on a mobile phone, meaning online payments can take longer.
“The DCVC payment card is our response to the growing number of online transactions and the recent concern about protecting cards against possible fraud or identity theft,” said Maciej Szczechura, a member of the management board at Getin Bank. “The DCVC card employs advanced technologies to guarantee the top security level, while providing even more convenient access to online payments. I am sure this revolutionary solution is a necessary step to increase the security of financial services.”
Finextra’s Blog
Question: The Dynamic Card Verification Code (DCVC) changes every hour. Wouldn’t it be better if it changed more frequently such as every minute?
Answer: There’s a battery in the card to power on the electronics and make this „refresh” happen: the battery is used anytime the refresh happens, so battery lifetime is linked to refresh frequency. The card shall last for at least a typical 3 years validity… for which a refresh every 40 to 60 minutes is the best compromise. A change every minute would also be much disturbing for customers, while here the beauty of this product is that it does NOT impact user experience, while people feel they are protected by this code that changes every hour.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
