Tender Armor, a fraud prevention payments solution provider, has launched its first product, CvvPlus.
The new offering is a real-time fraud prevention solution designed to authenticate cardholders performing card-not-present (CNP) transactions.
Cards incorporating the new solution use two data sources including the card number and a daily security code that is offered to cardholders via their mobile phone or email.
The code is kept separate from the payment card and the account number, in order to better address security concerns compared to standard on-card CVV2 code or on-card delivery methods.
The solution makes use of a quick and affordable model for deployment across all financial institutions card portfolios, and any card present transactions requesting a payment security code.
Tender Armor CEO Madeline Aufseeser said: "With the October 2015 EMV chip card mandate and liability shift, consumers are forced into a new POS experience now inserting EMV chip payment cards into terminals for the sake of security.
"Though these new chip based payment cards deter fraud on card present transactions it cannot address CNP fraud, making CNP transactions the point of least resistance for fraudsters.
"Tender Armor addresses the heightened risk of online ecommerce and over the phone purchases, by offering cardholders, FIs, and merchants the security needed to stave off CNP Fraud. We offer a simple and secure transaction experience, which can be deployed on every card currently in consumer wallets."