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An Post and Safecypher partner to combat CNP fraud

Tuesday 30 July 2024 15:25 CET | News

UK-based fraud prevention startup Safecypher has partnered with Irish post office An Post to drive down Card-Not-Present (CNP) payment fraud.

 

Safecypher has launched a new advanced anti-card fraud technology in partnership with An Post. The Irish Post office will embed the Safecypher security technology for CNP payments into its An Post payments app.

Safecypher has partnered with Irish post office An Post to drive down Card-Not-Present (CNP) payment fraud.

What is CNP fraud and how Safecypher approaches it?

CNP fraud is a significant form of payment fraud, with global losses expected to reach USD 35.8 billion in 2024. It involves criminals using stolen card details for phone or online transactions. These details are often obtained through phishing or hacking. In 2022, CNP fraud accounted for 81% of all UK card fraud, resulting in 2.21 million cases and GBP 396 million in losses.

Safecypher provides two-factor authentication of every payment by replacing the standard static card verification (CVV - 3 digits on the back of physical cards) with a randomly generated dynamic CVV to replace it. This means that even if a card is compromised, one of the key checks on payments cannot be carried out unless one has access to the cardholder device and the banking app. The solution may be either embedded into a bank’s exiting app, or can be provided by a stand-alone white label app. So only the cardholder will have access to the dynamic CVV for every transaction, created specifically for that transaction.

Officials from An Post described this new secure facility as a game-changer for new and existing customers. It is a useful and innovative facility for An Post Money Current Account customers. It is simple to activate and employ but ensures peace of mind and financial security when shopping online or ordering over the phone.

In a reply, representatives from Safecypher said this partnership is a substantial advance in the battle against Card-Not-Present fraud. They see determination in An Post’s team to bring this new anti-fraud technology to every cardholder. They believe that by working together they can continue to improve the efficacy of the Safecypher technology, and provide peace of mind to all the users of the An Post payments App.


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Keywords: Card-not-present fraud, fraud prevention, debit card, credit card, partnership
Categories: Fraud & Financial Crime
Companies: An Post, Safecypher
Countries: World
This article is part of category

Fraud & Financial Crime

An Post

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Safecypher

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