Keyno’s CVVkey™ Fraud Prevention Solution Significantly Reduces Online Fraud for Fidelity Bank Bahamas Customers

New Case Study Published by Visa Documents Results

LAGUNA BEACH, Calif. and AMSTERDAM, June 08, 2022 (GLOBE NEWSWIRE) -- Keyno Inc, a leading maker of cutting-edge payment technologies, today announced it has facilitated a dramatic and sustained reduction in online fraud at Fidelity Bank Bahamas with its CVVkey (dynamic CVV2) fraud prevention solution. The year-over-year comparison of debit and credit card portfolios showed an overall fraud reduction of 70.8% and 91.3% respectively. A separate aggregation of results from Visa, the world leader in digital payments, showed fraud reduction to less than 1bps when dCVV2 was used in a transaction.

Visa, which partnered with Keyno to provide the solution for Fidelity Bank Bahamas customers’ Visa credit and debit cards, documented the results in a new case study, which it also released on June 8, 2022. Keyno announced the news at fintech trade show Money20/20 Europe, taking place June 7-9 in Amsterdam.

“We are extremely happy. The reduction in card-not-present fraud within months of implementation was incredible,” said Heatherdawn Blake-Brown, Director of Card Services, Fidelity Bank. “The CVVkey application is secure, simple, and easy-to-use.”

The dynamic CVV2 (dCVV2) provided by the CVVKey app replaces the static three-digit number printed on the back of a card with a regularly changing 3-digit code. When a cardholder proceeds to pay for an online purchase, they input the dCVV2 in place of the static CVV2.

In 2021, Fidelity Bank Bahamas required all of its credit and debit card holders to adopt CVVkey, having experienced card-not-present fraud rates of 23 bps (basis points) on its credit card portfolio, and 42 bps on its debit card portfolio, during 2020. After implementing CVVkey, fraud rates Jan through July of 2021 were reduced to 2.0 bps on the bank’s credit card portfolio, and 12.2 bps on its debit card portfolio, with no card that implemented dCVV2 experiencing any CNP fraud. The difference in fraud rates between the credit and debit card portfolios was attributable to when cardholders enrolled in CVVkey.

“We are experiencing great results with CVVkey and we are thrilled by the reduction of CNP fraud for our cardholders,” said Blake-Brown. “Our cardholders are so happy that several of them have sent letters thanking us for protecting them from fraud attempts. The application is secure, simple and easy to use by clients – proven by the fact that transaction volume didn’t change. CVVkey is simply a great innovation.”

Keyno’s CVVkey is available as a standalone mobile app or as a software developer kit (SDK) plug-in to a card issuer’s mobile app. Keyno’s technology is implemented via a quick and easy two-step process. First, the card-issuing financial institution signs up for the service to be enabled on a range of cards. Once enabled, the bank or credit union can offer the technology to its cardholders, who can quickly activate their already-issued cards.

In addition to dynamic CVV2, Keyno offers solutions for Digital Cards, Visa Transaction Controls, and 3DS step-up biometric authentication that replaces the need for an OTP.

Actual fraud reduction results from Keyno’s CVVkey service will vary between card portfolios, and over time. Actual fraud reduction results presented here are an example of what can be achieved, but not a guarantee of specific results.

About Keyno
Keyno is a technology company focused on cutting edge, easy-to-implement payment technologies. CVVkey™ is a highly effective, inexpensive, turnkey solution that is easy for bank card issuers to implement in weeks without any integration. CVVkey incorporates dynamic CVV2 with 3DS step-up biometric authentication that meets European PSD2 requirements for Strong Customer Authentication. Created by technologist and serial entrepreneur Robert Steinman, Keyno addresses the large, and growing, online fraud problem enabling cardholders to shop online without fear. For more information, visit

About Fidelity Bank
With origins in The Bahamas since 1978 and in the Cayman Islands and the Turks and Caicos Islands since 1980, Fidelity is a financial services group offering a comprehensive range of both domestic and international banking and other financial products and services. A knowledgeable and experienced management team utilizes a local and global perspective for a well rounded, objective and cosmopolitan business approach. In The Bahamas, Fidelity Bank is a retail bank offering personal financial planning, products and services. It offers merchant services (including card terminals), business accounts for the settlement of card payments and the accumulation of income from business operations. Fidelity Bank’s guiding principle: Quality service is establishing a relationship with our clients that is so profound that it cannot be experienced elsewhere. It begins with the first contact, the follow up process and each “post conversion” experience.


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