Next-generation protection for plastic money

In an increasingly digital world, the battle between convenience and cybercrime continues to intensify. One recent evening, while returning home via the Dhaka Metro Rail after office work, a video call rang on Facebook Messenger from Jewel Debnath, a close former colleague and friend (an ex-banker) now living in Montreal, Canada. Though I missed the call, what followed was nothing short of fascinating. He was about to show me—via video call—a revolutionary credit card with a CVV (card verification value) code that changes every 30 seconds.

Even more interestingly, the card belonged to a foreign national who had visited Jewel's Montreal office just to demonstrate this breakthrough in card security. Seeing the card in person left Jewel astonished—a clear sign of how far developed countries have advanced in financial technology.

As the global banking sector becomes more digitised, so does the threat of cybercrime. Online fraud, identity theft, and card data breaches are now frequent occurrences. Particularly during e-commerce transactions or subscription-based services, cardholders are increasingly at risk. However, there's a promising shift on the horizon—Dynamic CVV Technology, now in commercial use by Société Générale, one of France's leading banks, established in May 1864.

What is a "Dynamic CVV" card?

Traditionally, credit and debit cards have a fixed three-digit CVV/CVC code printed on the back. This static code is used to verify the cardholder during online transactions. If hackers manage to steal this information, unauthorized purchases become easy.

Société Générale's Motion Code Card addresses this vulnerability. It features a small E-Ink display on the back, where the CVV code refreshes automatically every 30 to 60 seconds. This new layer of dynamic authentication renders stolen card information virtually useless.

Fighting online fraud

The primary goal of this Dynamic CVV Technology is to protect users against online fraud. Since the CVV is constantly changing and valid for only a limited time, phishing, data leaks, and skimming attacks become ineffective.

Example: Suppose you enter your card details on a website. The CVV shown at that moment will be valid only for the next 30 seconds. Even if a hacker captures the data, it will be useless by the time they attempt to use it.

How it works

The card features a micro battery-powered E-Ink screen on the back. The CVV code updates automatically every 30–60 seconds. An embedded chip and secure algorithm generate the codes. The system is synchronised with the bank's servers to ensure seamless transaction verification.

Who can get this card?

Currently, this technology is being rolled out to premium and corporate clients. Société Générale initially launched the dynamic CVV card for its Visa Premier, business cards, and select corporate users. The bank plans to expand the offering to more customers, particularly those who frequently engage in online transactions.

Key benefits for customers

Enhanced security: The dynamic CVV significantly reduces the risk of fraud.

Phishing protection: Even if card data is entered on a fake site, the CVV becomes invalid within seconds.

Data breach resilience: Even if card information is stolen from a server, it cannot be misused.

Ease of use: Works like a regular card—no app or external device required.

Global adoption of the technology

Though pioneered in France, dynamic CVV technology is gaining traction across Europe. Banks such as BNP Paribas and Crédit Agricole are piloting similar solutions. Global players like Visa and Mastercard are also testing versions of this technology, hinting at a broader rollout in the near future.

Limitations to consider

High cost: Manufacturing dynamic CVV cards is comparatively expensive, leading to increased annual fees.

Battery life: The embedded battery typically lasts 3–5 years, after which the card must be replaced.

Limited access: The card is currently available primarily to premium clients, with broader rollout pending.

The innovators: "IDEMIA"

The technology was developed by IDEMIA, a France-based company renowned for its expertise in digital identity, biometrics, and smart card solutions. IDEMIA provides advanced security technologies to many governments and financial institutions worldwide.

Looking to the future

As digital transactions continue to grow, secure payment methods are becoming not just desirable but essential. Static CVV codes may soon become relics of the past. Experts believe that dynamic CVV cards will become the global standard in financial security within the next few years.

However, banking security is no longer confined to passwords and OTPs. As fraud becomes more sophisticated, financial institutions must embrace smarter and more resilient technologies. Société Générale's dynamic CVV card is a pioneering initiative in this direction.

To stay aligned with global advancements, it is essential for developing countries—including Bangladesh—to explore and implement such innovations. Doing so will not only protect consumers but also enhance trust in the digital banking ecosystem.

The writer is a bank official. He can be reached at [email protected].