Who knew that even credit cards could be high-tech? RHB has introduced a new credit card that has the 3 digit code at the back of your card (CVV) automatically refresh regularly, making it a high-tech credit card that is meant to prevent credit card frauds.
Dubbed as RHB Rewards Motion Code™, RHB said in a statement that this technology is set to prevent credit card fraud and hackers from accessing important data and disrupting transactions. Partnering with Visa and IDEMIA, this high-tech credit card generates dynamic card verification value (CVV) security code on an e-paper mini-screen at the back of the card that enables the CVV at the back of the card to be refreshed.
This technology relies on a complex algorithm to automatically generate a new code, and does not require any disruptive process such as installing a plugin or having to key in additional data. RHB targets to issue 21,000 new RHB Rewards Motion Code TM credit cards per year. Customers will also receive a waiver of annual fees on the first year.
According to a 2018 report by Bank Negara Malaysia (BNM), the majority of payment card fraud cases in Malaysia involved credit cards, which accounted for 92.1% of total fraud losses. Payment card fraud is mainly contributed by card-not-present (CNP) fraud such as unauthorised online transactions using stolen PIN numbers, CVV code and identity theft.