From today, media channels will be announcing that the Irish post office, An Post, is embedding an advanced new anti-fraud technology into its payments app.
Read the full media release is below.
Safecypher, one of Europe’s leading card payments security companies, has launched an advanced new anti-fraud technology in partnership with An Post. The Irish Post office will now embed the Safecypher security technology for CNP (Cardholder-Not-Present) payments into its popular An Post Payments app.
CNP fraud is one of the most devious and pernicious types of credit and payments card fraud, and CNP global losses predicted for 2024 are $35.8 billion.
CNP fraud occurs when criminals carry out transactions by phone or online using seemingly legitimate card details, including the account holder’s name, full card number, expiry date, and CVV number.
Safecypher provides two-factor authentication of every payment by replacing the standard static card verification (CVV – 3 digits on the reverse of the physical card) with a randomly generated dynamic CVV to replace it.
This means that even if a card is compromised, one of the key checks on payments cannot be carried out unless you have access to the cardholder’s device and can access the banking app.
Debbie Byrne, Managing Director of An Post Retail describes this new secure facility as a game-changer for new and existing customers: “This is a brilliantly useful and innovative facility for An Post Money Current Account customers. It is so simple to activate and employ but ensures priceless peace of mind and financial security when shopping online or ordering over the phone. We are delighted to partner with the Safecypher team in being the first current account provider in Ireland to make this great facility available, free of charge, to our customers.”
Ben Jordan, CEO of Safecypher said, “This partnership with An Post is a substantial advance in the battle against cardholder not present credit card fraud. From the very start of our engagement, we were impressed by the team at An Post, and their determination to bring this new anti-fraud technology to every cardholder.’
Ben concluded, “Every fraudulent transaction costs the banking and payments ecosystem and their customers money that could be spent better elsewhere. An Post’s determination to stamp it out and enhance the service they give to their customers was a real incentive for us to get the product built, tested and deployed.”
Safecypher anti-fraud technology can either be embedded into a bank’s existing app, or it can be provided by a stand-alone white label app. Only the cardholder will have access to the dynamic CVV, which changes after short time, so it will be different for the next transaction.