#USA #East Lansing #Reseda Group #Keyno #CVVkey

Reseda Group Collaborates with Keyno for Fraud Prevention

In an effort to bolster digital security for credit unions, Reseda Group, a credit union service organization affiliated with MSU Federal Credit Union, has announced a partnership with the innovative payment solutions company Keyno. This collaboration marks a significant step in combating digital payment fraud, which has become a pressing concern in today's financial landscape.

Investment for Innovation

The partnership involves a substantial investment of $500,000 from Reseda Group into Keyno, aiming to broaden access to their cutting-edge CVVkey™ solution. This technology is designed to provide enhanced security for online transactions by generating dynamic three-digit CVV2 codes that frequently change. Unlike traditional static codes, which can be easily compromised, CVVkey™ significantly decreases the chances of card-not-present fraud.

Ben Maxim, the Chief Operating Officer of Reseda Group and Chief Technology Officer of MSUFCU, emphasized the importance of innovation in the credit union industry. He stated, "At Reseda Group, we believe that innovation and collaboration are integral to a thriving credit union sector. Supporting innovators like Keyno empowers credit unions with essential tools to enhance transaction safety for their members."

Proven Success in Action

Previously tested at MSU Federal Credit Union, CVVkey™ has proven its efficacy in significantly reducing online fraud. Launched in 2021, the solution resulted in a remarkable drop of over 95% in fraudulent digital transactions within just one year. These statistics not only highlight the solution's effectiveness but also demonstrate the potential for widespread positive impact across additional credit unions as a result of this partnership.

Robert Steinman, CEO of Keyno, expressed excitement about the opportunity to extend their collaboration, stating, "We are proud to build upon our successful partnership with Reseda Group and MSUFCU. The results seen at MSUFCU showcase how effective this solution can be, and this investment will help us bring a seamless, easy-to-integrate technology to credit unions to mitigate risks and protect members."

A Shift in Financial Security

Reseda Group, based in East Lansing, Michigan, is changing the landscape of financial interaction through innovative products. The firm collaborates with numerous partners to develop tools and solutions that enhance the engagement experience for both credit unions and their members. The focus remains on not just detecting fraud, but actively preventing it—a critical advancement in modern financial transactions.

Keyno stands out as a pioneering force, having developed a smartphone-based technology leveraging dynamic CVV2 technology that adapts in real-time for enhanced user protection. This proprietary solution, CVVkey™, is specifically tailored to confront the growing challenge of online fraud by providing continuously changing security codes accessible directly via a user's smartphone. The approach is a game changer, ensuring financial institutions can effectively safeguard their customers' financial data from falling into the wrong hands.

Conclusion: A Brighter Future for Credit Unions

As Reseda Group and Keyno embark on this partnership, the implications for credit unions across the nation are significant. By providing greater access to innovative fraud prevention technologies, the two organizations are leading the charge in promoting security and trust in digital payments. As more credit unions adopt this revolutionary CVVkey™ technology, members can enjoy increased confidence in their financial transactions, paving the way for a more secure banking environment in a digital-first world.

In summary, Reseda Group's commitment to enhancing transaction safety through strategic partnerships like the one with Keyno is expected to redefine standards within the credit union industry. With innovation at the helm, the future looks secure for members navigating the complexities of digital transactions.