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News tagged: CNP

Fight against cybercrime shows wins and losses in 2017 Trustwave global security report 22 June, 2017

Fight against cybercrime shows wins and losses in 2017 Trustwave global security report

Trustwave has released the 2017 Trustwave Global Security Report which reveals the top cybercrime, data breach and security threat trends from 2016. (more…)

IDC sees light at the end of the tunnel for enterprise CSPs in Europe 04 May, 2016

IDC sees light at the end of the tunnel for enterprise CSPs in Europe

Communication service providers (CSPs) in the Western European enterprise market have faced difficult market conditions for years, hit by a perfect storm of economic headwinds, spending rationalisation, technology migrations, competition, and regulatory pressure. (more…)

Online transaction fraud to more than double to $25bn by 2020, finds Juniper Research 04 May, 2016

Online transaction fraud to more than double to $25bn by 2020, finds Juniper Research

A new study from Juniper Research has found that the value of online fraudulent transactions is expected to reach $25.6 billion by 2020, up from $10.7 billion last year. This means that by the end of the decade, $4 in every $1,000 of online payments will be fraudulent. (more…)

Leading the fight against loyalty fraud 07 April, 2016

Leading the fight against loyalty fraud

The exponential rise in e-commerce has been matched by an exponential rise in fraud. While the ability to shop and carry out transactions online has brought untold benefits to business and consumer alike, it has also brought untold opportunities to criminals. (more…)

Gemalto protects banks and card issuers against Card-Not-Present fraud with ‘next gen’ payment security 14 October, 2015

Gemalto protects banks and card issuers against Card-Not-Present fraud with ‘next gen’ payment security

Gemalto has announces the launch of Dynamic Code Verification, a comprehensive payment security solution that protects against Card-Not-Present (CNP) fraud on-line and ensures an easy user-experience cardholders have come to expect. This complete dynamic CVV/CVC solution includes an EMV payment display card that secures traditional in-store and eCommerce payments, ATM withdrawals, a mobile version, a validation server and associated services. The mobile offer is unique to Gemalto, supporting the digital vision of banks with mobile at the forefront of their business strategies.
The solution allows issuers to replace the static 3-digit visual cryptogram traditionally used for online purchases with a time based dynamic CVV/CVC displayed on the customer’s payment card or on their mobile. The code changes every 20 minutes, dramatically enhancing the security level of online transactions.

The Nilson Report estimates that total global fraud losses were $16.31 billion in 2014, a rise of 19% year-on-year. CNP fraud accounted for 25% of this figure, and is set to increase significantly. Banks have started to introduce solutions that provide a higher level of security but these can still be time consuming and impact on the overall customer experience. As a result the shopping cart abandonment rate is staggering, with 68% of online transactions initiated not completed.

Gemalto is the only company able to provide a fully integrated solution banks can implement easily, either in the physical card or in mobile version and with minimal cardholder education required. The enhanced security level reduces costs associated with CNP fraud management and delivers higher customer retention.

Consumer study and user testing recently conducted by an independent market research firm has demonstrated that end users intuitively understand the security benefits of this display bank card and are more likely to use this bank card as their first choice for everyday card transactions. Enhanced technology also delivers a long product lifecycle, with battery life typically extending to four years

Håkan Nordfjell, senior vice president of eBanking and eCommerce, Gemalto

Håkan Nordfjell, senior vice president of eBanking and eCommerce, Gemalto

 

“Gemalto’s Dynamic Code Verification solution provides banks with complete flexibility to meet individual customer preferences – card or mobile – and refine their customer segmentation model while maximising reach. Gemalto is unique in being able to offer banks a complete CNP security solution, further supported by an extended portfolio of services such as consulting, integration, personalisation and fulfilment,” said Håkan Nordfjell, Senior Vice President of eBanking and eCommerce at Gemalto.

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