27 May 2018

SocGen to offer customers cards with dynamic CVV screens

17 November 2016  |  8141 views  |  3 OT mini-screen card

Societe Generale is to offer customers the opportunity to replace their current Visa cards with a Motion Code card from Oberthur that replaces the three-figure CVV code on the rear of a card with a small screen display that automatically changes periodically.

The French bank is charging customers an annual $12 subscription to switch to the new cards, which are designed to strengthen the security of online transactions.

The cards come equipped with an e-paper screen, an NFC antenna and a mini-battery which is used to generate a random new CVV code every hour. If the card data gets stolen, it becomes useless in the next hour.

SocGen is rolling out the cards to retail customers in France holding a CB/VISA card (CB/VPAY, CB/Visa, CB/Visa Premier or CB/Visa Infinite) following a successful test among 500 customers.

Oberthur is expecting to make major inroads in the French banking market, which has been actively testing the technology over the past year. SocGen's move to issue the cards commercially comes just weeks after the technology received certification from the Cartes Bancaires group (CB), for conformance with French payments norms.

Comments: (3)

A Finextra member
A Finextra member 17 November, 2016, 09:41

Seems to be a backward move. It adds more friction to paying. Surely hardly anyone will be looking forward to updating their stored payment instrument with a new CVV on a regular basis with merchants such as Amazon, Uber, etc.

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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 November, 2016, 10:14

For reasons stated by @AFinextraMember, dynamic CVV will effectively rule out this card for "card on file" use cases like Amazon 1-Click and Uber. But it could reduce friction and improve conversion for other use cases where 3DS is currently mandatory, provided regulators / equivalent allow dynamic CVV to replace "conversion-killer" 3DS.

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Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 29 December, 2016, 12:55

Any EMV Implementation which covers both end of compliane i.e. ATM/POS acquiring channels as well as Issuance level leaves little for fraudesters at these channels and move to CNP/e-commerce channel.

In matured EMV migrated country such as France can always look at dynamic CVV to further offer additional layer of risk cover.

Usually its seen that, Uber transaction size will be lower compared online purchase so, Dynamic CVV authentication can be bypassed with transaction keys ( Merchant category code etc.) for Uber kind of transaction but still achieve good risk cover.

BBVA has implemented it for Mexico with Gemalto's technology for Dynamic CVV for mobile transactions (2015).

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