Safecypher, one of Europe’s leading card payments security companies, has launched a new advanced anti-card fraud technology in partnership with An Post.
The Irish Post office will now embed the Safecypher security technology for CNP (Cardholder-Not-Present) payments into its popular An Post Payments app.
CNP fraud is one of the most devious and pernicious types of credit and payments card fraud and CNP global losses predicted for 2024 are $35.8 billion.1
Card-Not-Present (CNP) fraud occurs when criminals carry out transactions by phone or online using seemingly legitimate card details, including the account holder's name, full card number, expiry date, and CVV number.
Unfortunately, these details may have been compromised from previous transactions, as large databases of this information are sold to fraudsters or obtained through methods such as phishing or hacking.
Safecypher provides two-factor authentication of every payment by replacing the standard static Card verification (CVV - 3 digits on the reserve of the physical card) 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 you have access to the cardholder device and can access 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.
Debbie Byrne, Managing Director of An Post Retail describes this new secure facility as a game-changer for new and existing customers: “This is a brilliantly useful and innovative facility for An Post Money Current Account customers. It is so simple to activate and employ but ensures priceless peace of mind and financial security when shopping online or ordering over the phone. We are delighted to partner with the Safecypher team in being the first Current Account provider in Ireland to make this great facility available, free of charge, to our customers.”
Commenting on the partnership announcement with An Post, Ben Jordan, CEO of Safecypher said: “This partnership with An Post is a substantial advance in the battle against Cardholder Not Present credit card fraud. From the very start of our engagement, we were impressed by the team at An Post, and their determination to bring this new anti-fraud technology to every cardholder. I believe that by working together we 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.”
Ben concluded: “CNP fraud causes heartache and anguish to so many people through no fault of their own. And every fraudulent transaction costs the banking and payments ecosystem and their customers money, money that could be spent better elsewhere. An Post’s determination to stamp it out and enhance the service they give to their customers was a real incentive for us to get the product built, tested and deployed.”
As a further endorsement, Craig Moores, principal lead consultant at award-winning cybersecurity firm Bridewell described Safecypher as “a disruptive, world-class, novel anti-fraud innovation”.
Card Not Present fraud, predominantly from e-commerce, made up 81% of all UK card fraud with 2.21million fraud cases in 2022 and losses of £396 million 2.