Tender Armor, a fraud prevention payments solution provider, has rolled out its payment card and account fraud prevention tool, CvvPlus, in Europe.
CvvPlus is a new real-time, dual-factor, out-of-band fraud prevention solution that verifies cardholders conducting card-not-present (CNP) transactions.
The tool is available now for implementation across all financial institution (FI) demand accounts and card portfolios, supporting CNP and card-present purchases requiring a payment security code, such as a CVV2 or PIN.
Tender Armor said that CvvPlus has been designed to enable banks to stop skyrocketing CNP fraud losses, and protect cardholders while making everyday purchases.
CvvPlus also meet the requirements of European Payment Services Directive II (PSD2)’s for stronger cardholder identification.
Merchants can deploy the new solution without modifying their websites to accept the code and cardholders can receive the CvvPlus code though any delivery channel including a mobile app or text-on-demand.
Tender Armor CEO Madeline Aufseeser said: "The CNP channel is now on the frontline of card fraud, and is escalating at a rapid pace in Europe. This is exactly why regulatory authorities are taking action – but FIs can help reverse this trend now.
"Easy-to-use, easy-to-deploy and low-cost, the solution can be used for every card currently in consumer wallets across the continent. We are confident CvvPlus will reduce CNP card fraud and the costs associated with it."