RHB Banking Group (RHB) partners Visa and IDEMIA to introduce the first-of-its-kind RHB Rewards MOTION CODE TM credit card in Southeast Asia.
IT is a high-tech payment card with a dynamic card verification value (CVV) security code, which will automatically refreshes regularly. This cutting-edge technology is the latest feature embedded in the new RHB Rewards Motion Code TM Credit Card/-i.
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,” said Nazri Othman, Acting Head of Group Retail Banking, RHB Banking Group.
“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,” he added.
“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,” said Ng Kong Boon, Visa Country Manager for Malaysia.
Vincent Mouret, SVP APAC Financial Institutions from IDEMIA said, “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 TM 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.
