Australia and New Zealand Bank is introducing dynamic CVVs for customer cards as part of a series of enhancements to its ANZ Plus digital banking platform.
The initial release from ANZ Plus, launched in March, included an everyday account with no monthly fees, a multi-goal savings account, a new banking app, and various money management tools.
The new dynamic CVV adds an extra layer of fraud protection for online and phone shopping, replacing the static three-digit number on the back of payment cards with a code that updates automatically every 12 hours within the app.
Additional features include automated bill payments via BPay, the ability to send payments to PayIDs (such as mobile numbers, email addresses, or ABNs), instant access to digital cards, and cardless cash withdrawals from ATMs.
Peter Dalton, Managing Director of Design and Delivery for ANZx, stated: “We’re continually upgrading and improving the experience for our ANZ Plus customers, with our most requested features now delivered and many more on the way. Our enhanced retail banking platform, built on cutting-edge technology, allows us to respond quickly to customer feedback and rapidly deliver new features, providing individuals greater visibility and control of their finances, with much more to come in the upcoming months.”