The new CvvPlus real-time, dual-factor, out-of-band, fraud prevention solution authenticates cardholders conducting Card-Not-Present (CNP) transactions. This is the first product from
FL-based Tender Armor.
The new solution utilizes a rapid, and low cost deployment model available for implementation across all financial institutions (FIs) card portfolios, as well as any card present transactions requesting a payment security code such as a CVV2 code in order to complete the transaction.
As card fraud at the Point of Sale (POS) trends downward with the roll out of EMV chip cards, fraud on CNP transactions are projected to triple by 2018 resulting in skyrocketing charge-offs in excess of $11.4 billion in the U.S. CvvPlus can significantly reduce fraud exposure off-setting the increased risk for financial institutions, cardholders, and merchants.
CvvPlus is an easy to use, real-time, fraud prevention solution that stops fraud before it can occur. Cards that have CvvPlus utilize two sources of data, the card number, plus a daily security code provided to the cardholder through their mobile phone or email. The code is simple to use, and on demand text-messaging access makes it easy to retrieve.
Most importantly, the daily code is kept separate from the payment card and the account number, making the solution more secure than the standard on-card CVV2 code or other on-card delivery methods. The system methodology exceeds PCI requirements, limiting the possibility of fraud from data breaches.
The CvvPlus benefits are realized for all stakeholders throughout the entire transaction process. FIs realize the benefits of CvvPlus through slashing CNP charge-off losses, reducing administrative expenses, minimizing payment card reissues, cutting cardholder attrition, and avoiding costly reputation damage. Consumers gain greater control over their payment cards while having a more secure and easy to use CNP purchasing experience.
For data, background and forecasts on CNP Transactions: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).