Ireland’s An Post joins forces with Safecypher to combat CNP payment fraud
Irish postal service An Post has teamed up with UK-based online payment fraud prevention start-up Safecypher to embed new anti-card fraud technology into its payments app.
An Post taps Safecypher to boost CNP fraud protection
Through the new partnership, An Post Money, the post office’s banking services arm, will integrate Safecypher’s security tech for Cardholder-Not-Present (CNP) payments to protect customers against fraud when making payments online or over the phone with their current account details.
An Post says that global losses from CNP fraud, also known as Card Authorisation fraud, are predicted to reach $35.8 billion this year.
“It 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,” it says.
Safecypher looks to address CNP fraud by enhancing CVV protection. The Leeds-headquartered start-up’s Dynamic CVV solution introduces two-factor authentication for every payment, replacing the standard static three-digit CVV with a randomly generated, one-time-use CVV, with customers receiving a new CVV for each transaction.
“This means that even if a card is compromised, one of the key checks on payments cannot be carried out unless you have access to the cardholder’s device and can access the banking app,” the firm explains
“Only the genuine cardholder will have access to the dynamic CVV for every transaction, created specifically just for that transaction.”
An Post Money offers an array of financial services, including foreign exchange, savings accounts, loans, and credit and debit card options. Additionally, the company claims to serve 165,000 current account customers.
