Muscato Group, Inc. and its operating company M2, announced today the United States Patent and Trademark Office has granted the company a patent for its single-transaction security code technology for credit and debit cards.
Called SAFE, (Secure Access for E-Commerce), it allows a cardholder to easily generate and use a unique, one-time use card security code for each transaction, making online or telephone purchases far more secure than ever before. SAFE replaces the three-digit value located on the back of a card.
SAFE was designed to put card security in the hands of the cardholder, while making it very easy to use. Single-use card security codes can be obtained immediately via text message or email, fitting today's lifestyle. A unique security code also can be requested on the cardholder account portal. For merchants, SAFE requires no changes to the pay page or Website, no plug-ins, no registration and is cost-free.
"SAFE has been extraordinarily successful in reducing online transaction fraud for cardholders worldwide since being introduced in 2009," said Mike Muscato, CEO. He added, "We are very confident SAFE technology can and will cut online credit and debit card fraud worldwide."
M2 incorporates SAFE into its card programs around the world. Combined with an array of SMS alerts and other cardholder security features, M2 payment cards are the most cardholder-friendly yet secure cards available. M2 plans to license SAFE technology to issuing banks, payment card networks, card program managers, and other card processors.