Australia is making important steps in the fight against credit card fraud. According to Mozo, a new solution could be introduced by mid-2018 and can even become a standard on all plastic.
The Motion Code credit card is a high-tech model, developed by French digital security specialists EDEMIA. This will bring dynamic CVV numbers to cards, which change every hour.
In Australia, these cards will be introduced by financial services company FlexiGroup and might as well be the end of Card Verification Value as we know it. Specifically, the current three-digit number that sits on the back of your card will be replaced by the new motion code number, displayed on an e-paper mini screen, directly on the card.
Customer security primes
“The security of our customers’ payment details is tremendously important to us and the levels of security are constantly evolving with the increasing use of online payments,” said Symon Brewis-Weston, CEO of FlexiGroup.
Basically, you will have – let’s say – all your Visa card information in one place, except the CVV on the back will be constantly changing, so customers will benefit from advanced protection, when making online purchases.
According to a study, card users in Australia lost $533.8 million in 2016 alone to credit card fraud, the most common being ‘card not present’ and causing a loss of $417.6 million.
However, with the new Motion Code technology, it will be way too difficult for online scammers to get an individual’s card details, since the dynamic CVV numbers are programmed to change every 60 minutes.
The feature, a Mastercard exclusive
FlexiGroup announced that they will initially team up with Mastercard, in order to bring this technology to the masses. Matt Barr, Senior Vice President of Core, Digital and New Payment Flows at Mastercard Australasia, declared that they’re looking forward to bringing greater security and safety to their customers.
“We believe this technology will help shape the future of fraud prevention in Australia to make payments more secure, convenient and reliable for both businesses and consumers,” he said.
We’re very curious to see similar technologies being applied to other types of cards in the future, including cash back cards or rewards cards.