InComm, a prepaid product and transaction services company, has partnered with Tender Armor, a fraud prevention payments technology provider, to pilot Tender Armor's CVV+ fraud prevention solution to combat card fraud.
The pilot programme will offer participating cardholders a fraud prevention tool to help protect against the rising tide of card fraud, according to InComm.
CVV+, which will be available in early 2017, is a dynamic, real-time, dual-factor authentication consumer solution that cardholders can implement to help prevent unauthorised use of their card.
The new solution works every place where cards are accepted, online, over the phone, or at the point of sale. It generates a security code daily that only the cardholder knows, which can be used instead of the static CVV code printed on the back of the card where required to complete a transaction.
InComm CFO and COO Scott Meyerhoff said: “Protecting cardholders from fraud is a daunting task, but this new innovative and simple solution has the potential to help protect our consumers and to provide InComm with an important account feature that differentiates our products in the market.”
Tender Armor CEO Madeline Aufseeser said: “Card issuers and banks risk losing consumer trust, accounts, brand equity and market share every time one of their payment cards is compromised.
“CVV+ reduces that risk while also reducing the chance of embarrassing mistaken card declines – an advent of fraud detection systems – through empowering cardholders across any payment method, thus creating stronger and more profitable long-term relationships.”