The new capability provides an additional layer of protection for online transactions and reinforces Citi's commitment to delivering innovative digital solutions that help protect customers against fraud in an increasingly digital world.

As digital commerce continues to evolve and become an increasingly important part of daily life, customers are seeking stronger protection against fraud, especially for card-not-present (CNP) transactions, without compromising convenience. The urgency of this need is underscored by the acceleration of digital payments. In 2025, Citi Hong Kong recorded over 20% year-on-year growth in the combined volume of domestic e-commerce and recurring transactions, with even higher growth for these transactions conducted in foreign currency. Globally, 40% of Mastercard transactions are now tokenized and contactless payments represent about 70% of all in-person purchase transactions on Mastercard-branded cards worldwide.

Citi's data shows that approximately 80% of credit card fraud attempts are related to CNP transactions, highlighting the importance of enhancing protection in online payment environments. Citi's Virtual Credit Card with Dynamic CVC is designed to address this need by helping customers reduce the exposure of their physical card credentials across digital merchants, while continuing to support online shopping, subscriptions and recurring payments.

How It Works

Accessible through the Citi Mobile® App, the solution combines a Virtual Credit Card number with a Dynamic CVC that generates a one-time-use verification code for each new transaction. If a generated Dynamic CVC is not used within its validity period, it will automatically refresh when viewed in the Citi Mobile ® App.

The Virtual Credit Card with Dynamic CVC leverages Mastercard's tokenization infrastructure, which underpins the security of millions of digital transactions globally. 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 – dramatically reducing the risk of unauthorized transactions.

Complementing the Physical Card Experience

Beyond enhanced protection, the Virtual Credit Card with Dynamic CVC is designed to complement the physical card experience. Customers can continue to use their physical cards for everyday in-person purchases, while the Virtual Credit Card can be used for online subscriptions, recurring payments, e-commerce transactions and mobile wallets.

This new feature gives customers greater control over their digital footprint, enabling them to compartmentalize their online spending and reduce risk exposure without any disruption to their existing card usage.

The upcoming launch forms part of Citi Hong Kong's ongoing investment in digital capabilities aimed at enhancing customer experience and providing more intuitive, secure and convenient banking solutions.

Sarah O, Head of Digital Growth & Cards and Unsecured Lending Sales, Citi Hong Kong, said, "At Citi, we are focused on delivering innovative solutions that help customers navigate an increasingly digital world with confidence. The upcoming launch of Hong Kong's first Virtual Credit Card with Dynamic CVC reflects how we are leveraging digital innovation to make online payments safer, easier and more reassuring, helping customers transact with greater confidence and peace of mind. With the rapid growth of digital commerce and the persistent threat of card-not-present fraud, solutions like this are not just a differentiator – they are a necessity for responsible digital banking."

Helena Chen, Senior Vice President, General Manager, Hong Kong and Macau, Mastercard, said, "Mastercard is honored by the trust Citi has placed in us to bring this market-first innovation to their Hong Kong credit cardholders. The Virtual Credit Card with Dynamic CVC leverages Mastercard's tokenization capabilities to safeguard cardholders' credentials, demonstrating how our security innovations are setting a new benchmark for consumer protection in digital commerce. This launch also reflects Mastercard's promise to deliver safe and secure payment experiences to every cardholder."

The Virtual Credit Card with Dynamic CVC will be made available to eligible Citi Mastercard credit card customers in Hong Kong in the coming months through the Citi Mobile® App.

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Photo: Helena Chen, Senior Vice President, General Manager, Hong Kong and Macau, Mastercard (left) and Sarah O, Head of Digital Growth & Cards and Unsecured Lending Sales, Citi Hong Kong (right)





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About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found atwww.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

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