New survey shows 80% of respondents would be more likely to use a MOTION CODE-enabled card vs. one with a printed, static CVV for online shopping.
Oberthur Technologies found the static printed code (CVV) is replaced by a mini-screen that displays an automatically refreshed code generated by an algorithm (dynamic CVV) every hour and does not add any steps to an online purchase. If the card data is stolen, it becomes useless within the next hour.
Respondents described the cards as “an efficient answer to online fraud issues” (88%), “easy to use” (88%) and “innovative” (90%).
Per a February 2016 Report from the U.S. Commerce Department, total e-commerce sales for 2015 were estimated at $341.7 billion – an increase of 14.6% from 2014. E-commerce sales in 2015 accounted for 7.3% of total sales versus 6.4% of total sales in 2014.
While e-commerce sales continue to rise, 61% of survey respondents who have been victims of online fraud said they are either more cautious when they shop online or shop online less frequently because of fraud. However, 60% of respondents said they would be willing to pay more for the new technology in a MOTION CODE-enabled card to address online fraud.
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