Citi on Friday announced the upcoming launch of Hong Kong's first Virtual Credit Card with Dynamic Card Validation Code (CVC), in partnership with Mastercard, aiming to help protect customers against fraud in an increasingly digital world.
Accessible through the Citi Mobile® App, the solution combines a Virtual Credit Card number with a Dynamic CVC that generates a one-time-use verification code for each new transaction. If a generated Dynamic CVC is not used within its validity period, it will automatically refresh when viewed in the app.
By generating a unique, time-limited code for every online transaction, the solution ensures that even if card details are compromised, they cannot be reused by fraudsters – dramatically reducing the risk of unauthorized transactions, Citi said.
The new digital solution will be made available to eligible Citi Mastercard credit card customers in Hong Kong in the coming months through the Citi Mobile® App, the bank said.
Nearly 80 percent of credit card fraud attempts are related to card-not-present transactions, while the Virtual Credit Card with Dynamic CVC is designed to help customers reduce the exposure of their physical card credentials across digital merchants, according to Citi.
Meanwhile, Citi noted that customers can continue to use their physical cards for everyday in-person purchases, while the Virtual Credit Card can be used for online subscriptions, recurring payments, e-commerce transactions and mobile wallets.
Sarah O, head of digital growth & cards and unsecured lending sales, Citi Hong Kong, said, "The upcoming launch of Hong Kong's first Virtual Credit Card with Dynamic CVC reflects how we are leveraging digital innovation to make online payments safer, easier and more reassuring, helping customers transact with greater confidence and peace of mind."
With the rapid growth of digital commerce and the persistent threat of card-not-present fraud, solutions like this are not just a differentiator – they are a necessity for responsible digital banking, she added.
"The Virtual Credit Card with Dynamic CVC leverages Mastercard's tokenization capabilities to safeguard cardholders' credentials, demonstrating how our security innovations are setting a new benchmark for consumer protection in digital commerce," said Helena Chen, senior vice president, general manager, Hong Kong and Macau, Mastercard.
