RHB partners Visa & IDEMIA to be first bank in Southeast Asia to introduce Motion Code Credit Card
RHB Banking Group (RHB) partners Visa and IDEMIA to introduce the first-of-its-kind RHB Rewards MOTION CODE™credit card in Southeast Asia. It is a high-tech payment card with a dynamic card verification value (CVV) security code, which will automatically refresh regularly. This cutting-edge technology is the latest feature embedded in the new RHB Rewards Motion Code™ Credit Card.
This technology is set to prevent credit card fraud and hackers from accessing important data and disrupting transactions. The RHB Rewards Motion Code™ credit card replaces the static card verification value (CVV) code printed on the back of credit cards today with an e-paper mini-screen, which displays a dynamic security code.
In a 2018 report by Bank Negara Malaysia (BNM), the majority of payment card fraud cases in Malaysia involved credit cards, which accounted for 92.1% of total fraud losses. Payment card fraud is mainly contributed by card-not-present (CNP) fraud such as unauthorised online transactions using stolen PIN numbers, CVV code and identity theft.
RHB is proud to be at the forefront of fraud prevention in Malaysia. In our efforts to curb fraud, we continue to pursue innovation in line with our aspirations to be a digital-centric bank by 2022. By partnering with Visa & IDEMIA, we have been able to leverage on best-in-class security features to safeguard our customers’ financial resources. This card provides a complete end-to-end solution for RHB as an issuer and for our cardholders. In our pursuit to create superior experiences for our customers, this technologically-driven card creates a secure space for our customers when making financial transactions.
We are focused on taking the lead to innovate and strengthen payment security in Malaysia, and believe that it is a shared responsibility amongst banks, consumers and the government to secure the commerce ecosystem. With this solution that we have built together with RHB, we can help increase online transactions, and prevent fraudulent transactions at the same time, where fraudsters attempt to use stolen card data to make purchases. Today, we are creating innovative products and solutions for Malaysians with our valued partners, and striking a fine balance between security and innovation, which will help build confidence and trust in the payments ecosystem. This is crucial for the growth of electronic payments in the country, and Malaysia to become a more digital nation.
Security and trust are the foundations of innovation at IDEMIA, and Motion Code™ technology is a result of implementing them. With zero changes required in user habit, Motion Code™ is a pioneering technology designed to prevent any online fraud and ensure seamless transactions.
This technology relies on a complex algorithm to automatically generate a new code, and does not require any disruptive process such as installing a plugin or having to key in additional data. RHB targets to issue 21,000 new RHB Rewards Motion Code™ credit cards per year. Cardholders stand to enjoy unlimited rewards points for cinema, overseas spending, online purchases, exclusive golf privileges, as well as health, insurance and shopping spend, among others. Customers will also receive a waiver of annual fees on the first year.
Issued on behalf of RHB Bank Berhad by Group Corporate Communications Division. For more information, please contact Norazzah Sulaiman at 603-9280 2125/ firstname.lastname@example.org or Cynthia Blemin at 012-249 4071/ email@example.com. For enquiries in regards to banking, products and services please contact our Customer Care Centre at 603-9206 8118.
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