Giesecke+Devrient (G+D) has unveiled the Convego SecureCode payment card, a next-generation solution designed to fight card-not-present (CNP) fraud.
Featuring a dynamic security code displayed via e-ink and powered by EVC technology, the battery-free card enhances online payment security without compromising user experience.
Every day, thousands of cardholders discover suspicious charges on their statements – often the result of CNP fraud. This type of credit card abuse involves criminals using stolen card information to make unauthorized transactions without the physical card being present, typically in e-commerce or online transactions. CNP fraud accounts for approximately 70 per cent of all fraudulent credit card activities. The financial impact is significant, and global losses from fraud will reach nearly $50billion by 2030, according to prognosis.
CNP fraud poses a major challenge for banks to provide their customers with greater security and ensure that e-commerce payments are authorised by the actual card holder. Beyond financial losses, frequent fraud incidents erode consumer trust, potentially prompting customers to switch to competing banks. Additionally, merchants may reject cards from issuers often associated with fraudulent transactions.
Next-generation security
Traditional payment cards rely on a static card security code, commonly known as CVV (Card Verification Value), CVC (Card Validation Code) or CID (Card Identification Number). This three-digit number on the backside of a card remains the same across all transactions, and may not be sufficient if card details are exposed due to a data breach.
G+D’s Convego® SecureCode, powered by EVC® technology, introduces a dynamic verification code to the payment card itself: the code changes with each transaction. By regularly refreshing the security code, the card helps reduce the likelihood of fraudulent use when card data is compromised – all without adding friction to the user experience.
Convego® SecureCode features an e-ink display that generates a new, unique card verification code with each transaction – whether at a point-of-sale terminal, or during contactless payments. Additionally, users can refresh their code on demand through their mobile banking app.
Payment cards featuring Convego® SecureCode preserve the ease of use that consumers are accustomed to. It does not require additional apps, plug-ins, battery or specialized devices, ensuring a frictionless experience for both cardholders and merchants. Unlike alternative solutions that rely on battery-powered components, this battery-free EMV® module extends the lifespan of the card.
‘Smart leap forward’
“Convego® SecureCode is a smart leap forward in securing digital payments without compromising user convenience,” says Mikko Kähkönen, head of payment cards portfolio at G+D. “Banks now have a future-ready solution to protect their customers and reduce fraud – all while delivering a seamless payment experience that today’s consumers expect.”
