Giesecke+Devrient (G+D), the global securitytech company, has launched its new ‘Convego SecureCode’ payment card, equipping banks and financial institutions with a tool to combat fraudulent transactions.
Recognising the increasing prevalence of card-not-present (CNP) fraud, which involves criminals using stolen card information to make unauthorised transactions without the physical card, G+D’s Convego SecureCode introduces a dynamic verification code to the payment card itself: the code changes with each transaction.
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. 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.
Traditional payment cards rely on a static card security code, commonly known as CVV (Card Verification Value), a 3-digit number on the back of a card which remains the same across all transactions. By regularly refreshing the security code, G+D’s new card helps reduce the likelihood of fraudulent use when card data is compromised.
“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.”
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 do not require additional apps, plug-ins, battery or specialised devices, ensuring a frictionless experience for cardholders and merchants. Unlike alternative solutions that rely on battery-powered components, this battery-free EMV module extends the lifespan of the card.
