Germany-based Deutsche Bank is launching a new credit card with a dynamic CVV code that changes every four hours, in order to make online shopping in Spain more secure.
Deutsche Bank partnered with Mastercard and Idemia for the new card it will launch under the Tarjeta Calma brand. Idemia's randomly changing dynamic encryption technology makes online payments much more secure by preventing data theft and cloning.
Deutsche Bank Card Manager Luis Miegimolle commented on the matter, saying: "Our new credit card will go beyond the advantages of existing payment cards and will offer customers the latest security technology. We are excited to pioneer this technology in Spain and to introduce this new product, supported by Mastercard and Idemia."
Deutsche Bank is not the first bank to use dynamic CVV code technology. European banks such as SocGen, BNP Paribas, and BPCE have previously started using this technology as well.
So how should we interpret these developments?
As credit card usage increases day by day, the security of card information is becoming increasingly important as well.
To carry out a successful transaction with a card, it is enough to know;
- Card Number
- Expiration Date
- CVV information.
At this point, thanks to dynamic CVV, even though it does not completely prevent a transaction from being made on the card if our card information is stolen or compromised, it considerably reduces this risk.
In addition, the fact that extra security measures are being taken in e-commerce transactions through technologies such as 3D Secure and GO (Secure Payment) is another important method that prevents transactions from being made from our card without our knowledge.
In short, although making regulations specific to physical cards is still important today, as physical card usage is gradually declining, I believe it would be more beneficial for banks and payment/e-money institutions if these kinds of improvements were instead made within the digital systems of the increasingly digitalized card world.
