Securing the future of e-commerceContact us
Fraud is increasingly shifting to “card-not-present” (CNP) transactions carried out mainly online.
Fraud is increasingly shifting to “card-not-present” (CNP) transactions carried out mainly online due to the rise of e-commerce around the world. It represents 65% of the total card fraud. Thus OT has developed a ready-to-go solution for banks and financial institutions including the card issuance and the server which secures online transactions by shortening the validity of the cryptogram security code : MOTION CODE™.
Dynamic Security Code cards feature a mini-screen on the back, displaying the security code (a 3 or 4-digit code usually printed onto the back of a payment card) used for online purchases, refreshed automatically and randomly every hour, without the cardholders having to press any button or install any special plug-in on their internet browser. Thus, if the card data gets stolen, this card data becomes useless in the next hour.
For issuers, a specific server synchronized with the algorithm and refreshing rules defined in the cards is needed and supported by OT’s offer.
E-merchants won’t have to modify their website: the cryptogram code generated by the card is used as a standard one, on existing payment pages without the need for extra button or pop-up window of any kind.
For the cardholder, this is fully transparent: no plug-in to install on their web browser, no button to press, the code appears at the same location on the card, the key benefit being the code’s dynamic generation and periodical refresh. The refresh timing is defined by the card issuer, for instance each hour.
Cardholders keep shopping online as usual, except that their data is better protected thanks to a more secure card offering an ephemeral security code.