Gemalto has introduced a new payment security solution, known as the Dynamic Code Verification, designed to offer protection against card-not-present (CNP) fraud on-line and ensure an easy user experience.
The CVV/CVC solution features an EMV payment display card that secures traditional in-store and ecommerce payments, ATM withdrawals, a mobile version, a validation server as well as associated services.
The new solution enables issuers to swap the static three-digit visual cryptogram conventionally used for online purchases with a time based dynamic CVV/CVC displayed on the customer’s payment card or on their mobile.
The code is refreshed every 20 minutes, thereby improving the security level of online transactions and in turn cutting costs related to CNP fraud management.
Gemalto senior vice president of ebanking and ecommerce Håkan Nordfjell said: "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.
"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, personalization and fulfilment."