Citi to launch Hong Kong's first virtual card with dynamic CVC

It generates a one-time-use verification code for each transaction.

Citi, in partnership with Mastercard, announced the upcoming launch of Hong Kong’s first virtual credit card with dynamic card validation code (CVC).

Accessible via the Citi Mobile App, the solution generates a one-time-use verification code for each new transaction. If not used within a validity period, it will automatically refresh when viewed in the Citi Mobile App.

Citi expats this to provide an additional layer of protection for online transactions, and help protect customers against fraud.

Citi's Virtual Credit Card with Dynamic CVC aims to reduce the exposure of customers’ physical card credentials across digital merchants.

The Virtual Credit Card with Dynamic CVC also leverages Mastercard's tokenization infrastructure. 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, Citi and Mastercard said.