PNC Bank Tests CNP Fraud Solution For Commercial Cards

PNC Bank’s Treasury Management unit is testing a new solution to address card-not-present (CNP) fraud for commercial clients. The company said in a press release Wednesday (Nov. 7) that it is piloting Dynamic CVV2 technology for commercial card customers.

In collaboration with IDEMIA, Visa and TSYS, PNC Treasury Management has implemented IDEMIA’s MOTION CODE technology and Visa’s Dynamic CVV2 Specification to tackle CNP fraud by automatically changing a card’s three-digit security code. The solution aims to augment existing anti-card fraud measures provided by the shift to EMV chip technology, using Dynamic CVV2 to display a different CVV code than the static one printed on the back of a commercial card when purchases are made online.

“Almost all U.S. consumer and commercial credit cards now use EMV chip technology, which significantly reduces card-present counterfeit fraud, since the EMV chip produces a one-time, dynamic code needed to process the transaction,” said PNC Treasury Management Executive Vice President and Head of Product Management J. Christopher Ward. “Now, we can further protect online and other card-not-present transactions with this new technology, with the ultimate goal of making every transaction — whether in-store or online — as secure as possible.”

PNC Treasury Management added that the solution does not require a change in buyer behavior. Commercial cards with EMV chips and Dynamic CVV2 that are compromised are “rendered virtually useless,” with protection against both card-present and CNP fraud.

The firm will offer the technology to existing corporate customers early next year once the pilot is complete, PNC Treasury Management added.

“People do not want to change the way they shop online or add additional steps to the online ordering process,” said IDEMIA North America President of Financial Institutions Megan Heinze in another statement. “As EMV chip technology addressed card-present fraud, there is an increased demand in the United States for security measures specifically designed for eCommerce.”