Dynamic Code Verification solution available in both mobile and card formats
Gemalto, provider of digital security, has announced the launch of Dynamic Code Verification, a comprehensive payment security solution that protects against card-not-present (CNP) fraud online.
This complete dynamic CVV/CVC solution includes an EMV payment display card that secures traditional in-store and e-commerce payments, ATM withdrawals, a mobile version, a validation server and associated services.
The mobile offer is unique to Gemalto, supporting the digital vision of banks with mobile at the forefront of their business strategies.
The solution allows issuers to replace the static three-digit visual cryptogram traditionally used for online purchases with a time based dynamic CVV/CVC displayed on the customer’s payment card or on their mobile phone. The code changes every 20 minutes, dramatically enhancing the security level of online transactions.
The Nilson Report estimates that total global fraud losses were $16.31 billion in 2014, a rise of 19% year on year. CNP fraud accounted for 25% of this figure, and is set to increase significantly. Banks have started to introduce solutions that provide a higher level of security but these can still be time consuming and impact on the overall customer experience. As a result the shopping cart abandonment rate is staggering, with 68%1 of online transactions initiated not completed, noted Gemalto.
“Gemalto’s Dynamic Code Verification solution provides banks with complete flexibility to meet individual customer preferences – card or mobile – and refine their customer segmentation model while maximizing reach,” said Håkan Nordfjell, senior vice president of e-banking and e-commerce at Gemalto. “Gemalto is unique in being able to offer banks a complete CNP security solution, further supported by an extended portfolio of services such as consulting, integration, personalisation and fulfilment.”
