Reseda Group, a wholly owned credit union service organization of MSU Federal Credit Union (MSUFCU), today announced it is partnering with Keyno to help credit unions combat digital payment fraud and drive member confidence. Through the collaboration, Reseda Group is investing $500,000 in Keyno to expand access to its dynamic CVV2 solution, CVVkey™, making it easier for credit unions to adopt the cutting-edge fraud protection tool for their members.
“At Reseda Group, we believe innovation and collaboration is the foundation for a thriving credit union industry, and supporting innovators like Keyno provides credit unions with an essential tool to enhance transaction safety and the member experience,” said Ben Maxim, COO of Reseda Group and CTO of MSUFCU. “Our investment in Keyno’s CVVkey™ ensures that more credit unions can access a payment solution proven to be extremely successful at MSUFCU to reduce fraud, safeguard transactions and provide members peace of mind in today’s digital-first financial world.”
Keyno’s CVVkey™ technology provides dynamic, continually changing three-digit CVV2 codes to enhance security for online and phone transactions. Unlike static card codes that can be compromised and reused by fraudsters, CVVkey’s dynamic CVV2 technology significantly reduces the risk of card-not-present fraud. MSUFCU was the first financial institution to trial Keyno’s fraud prevention solution in 2021 through its innovation center, The Lab at MSUFCU. The success of the collaboration led to the launch of MSUFCU CVVkey™, which saw online fraud decrease by more than 95% in the first year.
“We are proud to build upon our successful partnership with Reseda Group and MSUFCU to bring CVVkey™ to more credit unions in more communities across the country,” said Robert Steinman, CEO of Keyno. “The results at MSUFCU demonstrate how effective this solution can be, and this investment will help us deliver a seamless, easy-to-integrate technology for credit unions to minimize risk, protect members and strengthen trust in digital payments.”