Our CEO, Ben Jordan was interviewed live on LBC News radio by Martin Stanford, the experienced broadcaster. They discussed the staggering scale of online card fraud and how Safecypher’s revolutionary product has cut fraudulent activity to ZERO for customers of An Post, the innovative Irish post office.

Listen to the thought-provoking LBC News interview here.

Martin has been a pioneer in the drive to get mainstream media to run more stories on how technology shapes the world we live in. He asked Ben just how widespread card not present (CNP) fraud is and how easy it is for criminals to intercept confidential payment card details, which can be used to make online purchases without having the actual card.

Ben explained that the UK alone loses over £400 million a year to CNP fraud. The key is the 3-digit security code on the back of the card. It acts like a signature because it is needed to approve a payment. Safecypher works through banks to provide cardholders with a constantly changing code in their banking app to replace the one on their card. So, even if card details are compromised, the secret code would be different by the time any bad actor can get the card details and try to commit fraud. 

How secure is Safecypher, Martin wanted to know. 

The company has the same level of security as the biggest banks in the world and is fully PCI compliant and it is proven, was Ben’s reply. The technology has already been deployed at A Post, the Irish post office. No customers using the service have fallen prey to fraudulent activity.

ZERO percent fraud is truly impressive because it results in enormous savings.