An Post has “virtually eliminated” all card-not-present (CNP) fraud on its Money app thanks to its anti-card fraud technology partnership with Safecypher, one of Europe’s leading card payments security companies.
In July 2024, An Post Money integrated the Safecypher Dynamic CVV technology into its Money app. Since then, some 20% of An Post Money’s customers using their debit card have used the unique Dynamic CVV number process to safeguard their e-commerce purchases and transactions. In that time, the number of fraudulent transactions affecting that 20% fell to almost nothing.
Bruce Richardson, product management consultant at An Post Money , said, “The Dynamic CVV facility is an invaluable tool for An Post Money customers. At this time of year people are more likely to be making large purchases and seeking a bargain from sites they would not use as often. It is that desire to get our hands on a good deal which can put us all in danger of payment fraud.
“The results speak for themselves. By integrating the robust but flexible Safecypher tech into our popular An Post Money app, it is extremely rewarding to be leading and winning the fight against cardholder-not-present fraud across the whole of Ireland. We strongly encourage all our customers to start using it immediately and stop the scammers in their tracks.”
Ben Jordan, CEO of Safecypher, added, “It is no exaggeration to say that we have virtually eliminated the chance of credit card fraud for tens of thousands of people. This is the beginning of the end for CNP fraud, and we will not cease the development of our product suite until this type of fraud and scamming is drastically reduced on a global scale.”
Unique verification codes
Card 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 registered CVV number. Unfortunately, these details can be compromised from previous transactions, as large databases containing this information are too-often sold to fraudsters or obtained through criminal methods such as phishing or hacking.
Safecypher provides two-factor authentication of every payment by replacing the standard static three-digit card verification (CVV) on the back of the card with a randomly generated dynamic CVV to replace it. This means only the cardholder will have access to the dynamic CVV for every transaction, created specifically for that transaction.
According to Payment Fraud Statistics, Trends & Forecasts 2024 report, CNP fraud predominantly from e-commerce made up 81% of all UK card fraud with 2.21 million cases in 2022 and losses of £396m (US$503m).