Deutsche Bank, Mastercard and IDEMIA are teaming up to introduce what they said is the first card in Spain to tap motion code technology, FinTech Futures reported on Thursday (Dec. 26).
The Calma Deutsche Bank Card has a card verification code (CVC) that changes every four hours to enhance the financial institution’s overall security level in the area.
On the back of the card, a small screen will display the CVC, also known as the dynamic security code. The numbers will shift on a rolling basis according to a special algorithm.
Mastercard said the rotating numbers make it impossible for a cyber-thief to clone the card or swipe data, since the CVC will always be different.
“The Deutsche Bank Mastercard Tarjeta Calma will go beyond usual payment card benefits, and offers customers the latest security tech so they can buy online in an environment where online shopping is ever-growing,” Luis Miegimolle, Deutsche Bank card manager, said in a statement. “We are thrilled to pioneer this technology in Spain and introduce this new product backed by Mastercard and IDEMIA.”
The Calma Card also will reimburse people who are victims of online thievery or non-delivery of items purchased. The card also offers price-match protection and will reimburse customers who find an item at a lower price.
In July, RHB in Malaysia launched a card with dynamic security code features. A study done by Bank Negara Malaysia showed that upwards of 92 percent of total fraud losses were connected to card payment fraud. Most of the fraud was done via stolen PIN numbers or CVV codes when the card was not present. The RHB Rewards Motion Code, as the bank calls the new offering, provides a more secure alternative to standard cards that have a static CVV code.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More