G+D has launched a new payment card that, unlike current payment cards with static security codes (commonly known as CVV), incorporates technology that generates a dynamic verification code that changes with each transaction and that the user can see on an electronic ink screen integrated in the card itself.
The new G+D card, called the Securecode convention, is a toe fraud prevention by becoming a barrier to combat fraudulent transactions and improve user safety and experience. The capacity of the new card to create dynamic codes against static, printed on conventional cards reversals, eliminates the risks associated with, for example, that the means of payment has been compromised by a security gap and all this without affecting the user’s experience.
Printer Securecode incorporates an electronic ink screen (E-INK) showing in the new unique verification code for each transaction, either in point of sale terminals or in contactless payments. In addition, users can update their code on demand using their mobile banking app.
Payment card: security code
Payment cards that have a Securecode convention retain the ease of use to which consumers are accustomed. They do not require additional applications, accessories, batteries or special devices. In addition, already a difference from other solutions that depend on battery components, this EMV module without drums extends the life of the card.
According to Mikko Kähkönen, responsible for the G+D payment card portfolio, “Printer Securecode is an intelligent advance in the protection of digital payments without sacrificing user’s comfort.” “Now,” “Kähkönen adds,” “banks have a solution prepared for the future that protects their customers and reduces fraud, while providing the fluid payment experience that consumers currently expect.”
Incorporates an electronic ink screen (E-INK) in which the user can visualize the dynamic code
Solution against CNP fraud
The new Payment Card Convention Securecode of G+D is a solution that faces fraud without card presence (CNP), which often results in thousands of card holders discovering suspicious charges every day in their extracts. This type of fraud represents approximately 70% of all fraudulent activities with credit cards and is expected to cause global losses of about 50,000 million dollars in 2030, according to the Nilson Report.
In CNP fraud, criminals use stolen information from cards to perform unauthorized transactions, normally in electronic commerce operations or online transactions, without having the physical card. In addition, and beyond financial losses, it erodes consumer confidence, which can lead customers to change competitors. In addition, businesses can reject cards issued by entities associated with fraudulent transactions.
CNP fraud therefore raises a great challenge for banks, which must offer their customers greater security and ensure that online payments are authorized by the true card holder.
