Keyno

"KEYNO solves a problem I have today - online credit card fraud. And that problem just quadrupled as a result of the current crisis as people get used to sourcing everything from Amazon, Google, and other eCommerce sites. The world needs a safe and easy solution--now."  - Dave Bruno, Longtime Financial Technology Expert, Venture Builder, & Former Head of Innovation at UBS Wealth Management                                                            

                                                         _____

December 19, 2013, changed everything for me. Target Corp. confirmed the theft of 43 million credit and debit card numbers. It was later revealed that a single employee of one of Target’s HVAC vendors opened one email and started it all. The virus in that message weaved its way through the HVAC vendor’s computers, onto Target’s computers, and eventually reached Target's point-of-sale terminals. Then every time a consumer used their card at Target, all of the card data was exposed and sent to the thief.

That’s crazy! It’s no longer about trusting the store; now, it’s about trusting every point in the entire supply chain—tens of thousands of people every time I use my card. If just one of the thousands of individuals, at any time visits the wrong site, opens the wrong email, or installs the wrong software, the whole system can become compromised. Can card data ever be safe?

I set out to find a better way. What we needed was dynamic data. Information, that when stolen would be of no value to the thief. I began thinking more about the 3-digit security code printed on the card, the CVV2. I wondered: could the CVV2 be made dynamic like the 2FA codes on Google Authenticator?

After six long years, Keyno is a reality and our proprietary technology, CVVkeyTM, is available to protect credit, debit, and prepaid cards. What I like most about our solution is the security it gives me; I feel safer knowing my code is continually changing. Keyno is integrated with VisaNet, so banks that issue Visa cards can quickly onboard Keyno in 6-8 weeks.

-Robert Steinman, Founder & CEO

The Dark Web and Your Data

Credit, Debit, & Prepaid card details are sold on the Dark Web for as little as $5 a card. That includes name, payment card number, expiration dates, and CVV2, all available to a criminal. The amount of credit card data available on the dark web has increased by 153% in 2019. 

In the United States, we are particularly vulnerable as a majority of online fraud attacks are directed towards us. However, online fraud is quickly becoming a worldwide problem.

Card-not-present fraud is 4 times more likely to occur than in-store, or card-present, fraud. There is little the average person can do to protect themselves online, until now.

Keeping all your money safe.

CVVkey replaces the static 3-digit security codes on credit and debit cards with a 3 digit number that changes multiple times a day. Keyno's CVVkey is integrated with Visa enabling banks to enroll their cards using a single form.

Individual cardholders enable the CVVkey service in the Keyno App or on their Banks App.   Keyno is available everywhere VisaNet is. Now banks around the world can offer CVVkey.

At its core, Keyno eliminates the hassle associated with CNP fraud. Our customers don’t worry about having to check their card and bank account statements constantly, or the hassle of constantly replacing their cards. Keyno reduces cardholder anxiety allowing them to take charge of their own security and shop fearlessly.

How It Works

Keyno is an app-based solution. The app provides a 3-digit, dynamic CVV2 (dCVV2) that replaces the static CVV2 on your card. This dynamic 3-digit code is called a CVVkey. The code rotates multiple times a day, making it virtually impossible to steal. 

When checking out from a merchant site online, a cardholder just enters the CVVkey in the Security Code box instead of the static CVV2. In-store purchases are the same as before. For Recurring payments, the cardholder provides the CVVkey at the time of entry instead of the static CVV2.  CVVkey is compatible with all phone wallets like Apple Pay or Google Wallet, and it's used in all cases instead of the static CVV2.

Keyno & Michigan State University Federal Credit Union:

We Take Security Seriously

Keyno has Service Provider Level-1 PCI Compliance certification, the most rigorous compliance for payment networks. We use strong cryptography and data protection methodologies, scalable cloud architecture, and best practices to guarantee security to our clients.

Business Model & Strategy

Our Projected Growth

Our growth curve is steady yet steep. One enrolled medium-sized bank generates millions of dollars in potential revenue. Our business model makes Keyno free for cardholders while charging the banks monthly for the service that we provide with Visa. Banks are incentivized as the monthly fee is smaller than the considerable cost savings from the reduction in fraud, customer service, and re-issuance of cards.

The service pays for itself within months, so it is a revenue boost to the bottom line for the year. Keyno requires minimal configuration to pilot and a light integration for full deployment. Keyno's sales cycle includes high-level meetings with the world’s top Banks and Card Networks.

International Opportunity

Europe

PSD2 is the second Payment Services Directive, designed by the countries of the European Union. PSD2 introduces security requirements for the initiation and processing of electronic payments, as well as for the protection of consumers' financial data. One of the requirements is that financial institutions that operate in Europe will need to challenge online payments, such as card transactions, with Strong Customer Authentication; a minimum of 2 methods of authentication (2FA). Keyno's CVVkey is a good way to achieve compliance. See (paragraph #28, #33): EBA Opinion on dCVV2. Available at this link:
https://eba.europa.eu/documents/10180/2622242/EBA+Opinion+on+SCA+elements+under+PSD2+.pdf

PSD2 is an excellent opportunity for Keyno to provide a seamless and secure cardholder experience in Europe.  Finextra reported in March 2019 that 41% of the 442 European banks' survey failed to meet PSD2 requirements, and of those that did meet the requirements, the solutions that they came up with are anything but consumer-friendly.  Keyno can meet PSD2 with a solution that is easy for Banks to implement and consumers to use. European national governments have announced new deadlines for banks to meet PSD2, and many are by December 2020.