Safecypher, a European provider of card payment security, reported that it launched a groundbreaking anti-card fraud technology in partnership with An Post. This new solution, embedded in the An Post Payments app, targets card-not-present (CNP) fraud, a growing threat in the digital payments space.
CNP fraud, expected to reach $35.8 billion globally in 2024, involves unauthorized transactions made online or by phone using stolen card details.
Safecypher's latest innovation replaces the static Card Verification Value (CVV) with a dynamic CVV generated for each transaction. This two-factor authentication method ensures that even if card details are compromised, fraudsters cannot complete transactions without access to the cardholder's device and banking app, the company pointed out.
Debbie Byrne, managing director of An Post Retail, praised the technology as a "game-changer" for customers, offering enhanced security with minimal user effort. Safecypher CEO Ben Jordan highlighted the partnership as a significant step forward in combating CNP fraud while demonstrating An Post's commitment to protecting its customers.
As a further endorsement, cybersecurity expert Craig Moores described Safecypher as a "disruptive, world-class" innovation. With this technology, Safecypher and An Post believe they are setting a new standard in payment security. For more information, visit safecypher.com.
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