trending
Giesecke+Devrient (G+D) has unveiled a new payment card that could transform the fight against card-not-present (CNP) fraud using a dynamic CVV.
Payment card with dynamic CVV
The Convego SecureCode card integrates a dynamic CVV directly onto the card surface via an e-ink display, enabling a constantly changing verification code that enhances security without diminishing usability.
CNP Fraud
CNP fraud, which occurs when stolen card credentials are used for unauthorised transactions online or by phone, now represents around 70% of global credit card fraud.
With forecasts estimating worldwide losses to reach nearly $50 billion by 2030, financial institutions are under pressure to find smarter, frictionless solutions.
Static card verification values — the standard 3-digit codes on the back of payment cards — offer little resistance when card details are exposed through data breaches or phishing attacks.
Dynamic CVV
G+D’s response is to rethink the very architecture of card-based security.
With each transaction, the Convego SecureCode card displays a new, one-time verification code using an ultra-low-power e-ink display.
This dynamic code can also be refreshed on demand via the user’s mobile banking app, providing real-time protection for online and contactless payments alike.
Critically, the card does not compromise on convenience.
It functions like a standard EMV card, requiring no separate apps, additional hardware, or even an onboard battery.
Its battery-free design not only enhances durability but also avoids the limitations and costs associated with electronic components in payment cards.
The card is engineered to meet the growing demand from banks and fintechs for solutions that deliver both robust fraud mitigation and a seamless customer experience.
As Mikko Kähkönen, Head of Payment Cards Portfolio at G+D, explained: “Convego SecureCode is a smart leap forward in securing digital payments without compromising user convenience.
Banks now have a future-ready solution to protect their customers and reduce fraud.”
In an era where trust in digital financial services is critical to brand loyalty and customer retention, innovations like SecureCode are likely to play an increasingly central role in the evolution of card payments.
Comments