PNC Bank is piloting a new technology that uses tiny electronic screens embedded in credit cards instead of the static three-digit CVV. The technology, known as dynamic card verification, has an electronic ink display screen that generates a new CVV number at regular intervals throughout the day. So if your card information is stolen, the CVV has already been changed and the card will not be charged without your authorization.
The technology is designed to battle what’s known as card-not-present fraud. This is the kind of fraud that has been on the upswing in recent years as online transactions have increased and physical card security features such as the chip, have made in person use of stolen cards more difficult. Fraud using counterfeit cards has plunged 80 percent at merchants that accept chip-enabled smart cards, according to the U.S. Payments Forum.
The PNC test pilot is now available for corporate credit cards at a handful of unidentified large and medium-sized companies Post Gazzette reports. PNC’s trial is set to last 90 days. If all goes well, the bank expects to be in “full launch mode” for its corporate cards by the end of the first quarter. No word when the bank might extend the technology to its consumer cards.