We are now able to announce that Safecypher Dynamic CVV2 is proven to work in a live environment, and that it is secure and stable. Thanks to An Post, its global processor and our vendors and partners, the first live tests have been concluded on the minimum viable product (MVP).
Significant research and development went into reaching this milestone. Now fraud can be stopped in its tracks before it starts. The idea of a constantly changing security code to replace the static one on the card is not new, but the way Safecypher achieves it is revolutionary.
Safecypher is simple, secure, cost-effective and scalable. It can be switched on to protect existing cards and switched off to revert to the static CVV2. It provides passive two-factor authentication (2FA) on all transactions regardless of value. It works without an internet connection.
The technology is ready and is now moving into its first live commercial customer. Implementation is designed to be smooth and rapid with no impact on legacy systems or development teams.
Safecypher is fully tested and thoroughly documented. It has been reviewed by a Qualified Security Assessor throughout the build to ensure security. Issuers are provided with a complete software development kit (SDK) for use in their banking apps.
After battling for decades with spiralling fraud, card issuers can finally reduce online fraud costs to virtually nothing on existing cards while also improving the customer journey and reducing friction.
How to virtually stop online card fraud. Watch the video.