An Post’s Bruce Richardson was the guest on the “Ask Paul” show. Dublin City FM’s Paul Merriman asked him about fraud and a new security feature that An Post Money has introduced to protect customers against card-not-present (CNP) fraud.
Listen to the informative Dublin City FM interview here that explains how dynamic CVV works.
Online card fraud has significant financial and social repercussions, which must be addressed urgently. In Ireland alone, losses amount to around €47 million annually. CNP fraud is made possible when people share their card details, including the three-digit security code on the back.
During the interview, Paul asked Bruce to explain how dynamic CVV works.
On a debit card, you have a 16-digit card number, expiry date and security code, but none of them ever change. So, if your card is compromised the fraudster has the three pieces of information needed to make online payments without your card being present.
The partnership between An Post and Safecypher changes that. Cardholders now have the option to turn on a dynamic security code in their secure app.
To pay with dynamic CVV turned on, you still enter the card number and expiry date on the card, but you use the dynamic CVV on the home screen of your banking app, which keeps changing, instead of the one on your card. Now, if your card details are intercepted, they are useless without access to the latest dynamic CVV in your banking app.
The interview also explored how the Safecypher dynamic CVV works in different real-life situations. For example:
When card details are saved to a merchant you use frequently, the merchant saves a trusted token at a point in time and only your dynamic CVV needs to be entered for each new transaction.
There is no need to create virtual cards and enter new card details for each transaction because Safecypher dynamic CVV secures every transaction while using the same card details.
The An Post partnership with Safecypher has decreased the likelihood of online card fraud to ZERO for thousands of current account customers who have enabled the dynamic CVV feature.
