This CVV/CVC solution includes an EMV payment display card that secures traditional in-store and ecommerce payments, ATM withdrawals, a mobile version, a validation server and associated services. The mobile offer is unique to Gemalto, supporting the digital vision of banks with mobile at the forefront of their business strategies.
The solution allows issuers to replace the static 3-digit visual cryptogram traditionally used for online purchases with a time based dynamic CVV/CVC displayed on the customers payment card or on their mobile. The code changes every 20 minutes, dramatically enhancing the security level of online transactions.
The Nilson Report estimates that total global fraud losses were USD 16.31 billion in 2014, a rise of 19% year-on-year. CNP fraud accounted for 25% of this figure, and is set to increase. Banks have started to introduce solutions that provide a higher level of security but these can still be time consuming and impact on the overall customer experience. As a result the shopping cart abandonment rate is staggering, with 68% of online transactions initiated not completed.
Gemalto is a global digital security provider, which helps people trust one another in an increasingly connected digital world. They enable companies and administrations to offer a wide range of trusted and convenient services by securing financial transactions, mobile services, public and private clouds, eHealthcare systems, access to eGovernment services, the internet and internet-of-things and transport ticketing systems.
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