Safecypher, one of Europe’s leading card payments security companies, has announced that its new evolutionary anti-card fraud technology partnership with An Post, the Irish Post office’s service, has “virtually eliminated” all CNP (Card-Not-Present) fraud for customers using the Dynamic CVV feature.
In July this year, An Post Money integrated the Safecypher technology into their App. Since then, some 20 percent of An Post Money’s customers using their debit card have used the unique Dynamic CVV number process to safeguard their purchases and transactions. In that time, the number of fraudulent transactions that could have affected that 20 percent fell too almost nothing.
Ben Jordan, CEO of Safecypher, commented, “Thanks to the dedication and aspiration of our colleagues at An Post Money, and the vision and technological expertise of our team, we have dealt a massive blow to scammers potentially targeting the Irish Post Office’s customers. We are enormously proud of this collaboration.”
“It is no exaggeration to say that we have virtually eliminated the chance of credit card fraud for tens of thousands of people. This is the beginning of the end for CNP fraud, and we will not cease the development of our product suite until this type of fraud and scamming is drastically reduced on a global scale,” concluded Jordan.
Bruce Richardson, Product Management Consultant at An Post Money said, ‘The Dynamic CVV facility is an invaluable tool for An Post Money customers, especially in the run up to Black Friday and Christmas. At this time of year people are more likely to be making large purchases and seeking a bargain from sites they would not use as often. It is that desire to get our hands on a good deal which can put us all in danger of payment fraud. The results speak for themselves. By integrating the robust but flexible Safecypher tech into our popular An Post Money App, it is extremely rewarding to be leading and winning the fight against cardholder-not-present fraud across the whole of Ireland. We strongly encourage all our customers to start using it immediately and stop the scammers in their tracks!”
Card 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 registered CVV number. Unfortunately, these details can be compromised from previous transactions, as large databases containing this information are too-often sold to fraudsters or obtained through criminal 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 reverse of the physical card) with a randomly generated dynamic CVV to replace it.
So only the cardholder will have access to the dynamic CVV for every transaction, created specifically for that transaction.
Cardholder-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. Payment Fraud Statistics, Trends and Forecasts 2024