FinTech Magazine February 2021 | Page 83

Ben Maxim , Assistant Vice President at MSUFCU , outlines why his company chose Keyno ’ s dynamic CVVkey TM product to bolster online security

Keyno : Advanced Fraud Prevention for Digital Finance

Ben Maxim , Assistant Vice President at MSUFCU , outlines why his company chose Keyno ’ s dynamic CVVkey TM product to bolster online security
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 .”