July 2024 marked the official launch at An Post, the Irish post office, of Safecypher’s revolutionary new product for combatting online card fraud. After close collaboration with An Post and years of dedicated effort, we successfully introduced our product into the heavily regulated European payments industry.

Card issuers in Europe are overpaying on risk management for online fraud protection in the highly regulated European payment industry. Safecypher minimised the risk of fraud.

Issuers have long been grappling with excessive fraud costs. The legislated approach has been to assess the probability of fraud. Despite the development of ever more sophisticated and costly risk assessment tools, there is still a staggering €1.5 billion worth of fraud in Europe today. This demonstrates that existing solutions have not been entirely effective.

Issuers need a foolproof method to ascertain with certainty that the cardholder is authentic rather than a probabilistic assessment of the transaction’s risk. Safecypher provides this with two-factor authentication (2FA) of the cardholder at the start of the payment journey. This minimises friction and abandonment.

How it works:

A unique dynamic CVV is issued to the cardholder’s mobile device for the payment request. The cardholder confirms that they are entitled to view the new 3-digit CVV code, which only lasts for a short time. This time-sensitive code thwarts interception by cybercriminals, rendering cardholder data from the dark web useless without the crucial 2FA assurance provided by the dynamic CVV.

While Safecypher’s solution may appear straightforward, it is the result of years of research and development, intricate mathematics, algorithms and secure cloud computing processes. The relative simplicity of the method also translates into cost-effective decision-making for payment acceptance or rejection. Authenticating a card and its details is economical and enhancing it with a 2FA code adds minimal additional expense.

Why rely on risk-based assessments when you can make a definitive decision? 

I invite you to share your thoughts via the contact form on the home page after watching the payment journey animations.