Introduced in 2020, the dynamic Card Verification Code (CVC) is a temporary code which changes every 24 hours for security purposes.
In the event that a customer's card details were stolen, the constantly changing CVC prevents criminals from making regular payments on the card.
Westpac’s chief digital officer Jason Hair said the CVC is one of many actions the bank has undertaken to help keep customers' bank details safe.
“The dynamic CVC adds another layer of protection for our customers using digital cards to shop online. It has been a game changer in this space where we have seen a significant reduction in fraud over the last two years,” Mr Hair said.
“Our customers have embraced using the dynamic CVC with around 10,000 customers using the digital security tool every day. We now see the dynamic CVC used for around five per cent of total eligible transactions, but with more customers signing up daily this number will continue to grow.”
Westpac customers are protected by a fraud money back guarantee which ensures they are reimbursed for any unauthorised transactions conducted on their account. To benefit from this guarantee, customers must contact Westpac immediately and prove they have not contributed to the loss.
Westpac head of fraud Ben Young states the CVC card feature is the main initiative that’s having an impact on reducing card fraud.
“We know that fraud has not just a financial impact, but also takes an emotional toll on people who are targeted. That’s why we’re taking steps to prevent fraud and protect customers before the loss occurs,” Mr Young said.
“Customers can use a digital card with a dynamic CVC in all the same places they would use their traditional cards, including reoccurring payments, but because the CVC is constantly changing it becomes much harder for fraudsters to use stolen card details for unauthorised purchases.”
Other Westpac fraud prevention measures include scam blocks, gambling blocks, real-time security prompts, and stopping abusive payments.
5 tips to keep your card details secure
Here are five simple solutions cardholders can use to protect their details from fraud.
- Don’t share your pins or passwords with anyone. This includes covering your hand when entering your pin on terminals
- Shop on a secure network and ensure the merchant is a reputable business when online shopping
- Turn on electronic statements
- Ensure push notifications are turned on from your bank - will be notified when your card is used
- Be cautious of clicking on unusual hyperlinks in unknown emails and text messages
Read more: Common credit card frauds and how to avoid them
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