French firm Gemalto announced a new security solution which could replace the 3-digit number on the back of credit cards with a code on cards or mobile phone screens that changes every 20 minutes.
The firm said the new solution, which is called Dynamic Code Verification, is designed to counter so-called card-not-present fraud in online transactions.
The solution includes an EMV payment display card used for traditional in-store and e-commerce payments as well as ATM withdrawals. It also includes a mobile version, a validation server and associated services.
The firm claims the mobile version is “unique” to Gemalto, so enabling banks to put a mobile-based approach at the forefront of their strategies.
The solution enables banks, and other card issuers, to replace a static 3 digit cryptogram used at present for online purchases with a time-based dynamic CW/CVC code displayed on the customer’s payment card or on their mobile screen. By changing regularly, it would improve security for online transactions.