Mexican financial institution BBVA Bancomer has selected digital security firm Gemalto’s Dynamic Code Verification solution to counter the emerging new threat of Card-Not-Present (CNP) fraud.
The solution, which is delivered to BBVA Bancomer in its mobile version, comprises of a validation server and associated services.
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The solution, which uses Gemalto’s Ezio Mobile technology, reduces eCommerce fraud related to stolen card numbers while preserving the user-centric experience of online shopping as well as from the ease of a smartphone.
The solution is a new feature of BBVA Bancomer’s mobile wallet application that replaces static 3-digit codes with a time-based dynamic CVV/CVC, Gemalto said.
The Gemalto-enabled mobile wallet offered by BBVA Bancomer securely creates and digitally stores banking card related data on the customer’s mobile device.
BBVA Bancomer general director of digital banking Hugo Najera Alva said: "Our long time partner, Gemalto helped us quickly implement groundbreaking dynamic CVV/CVC technology and the response thus far has been outstanding: in the first weeks of the project we already have more than 100,000 active users."
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By GlobalDataGemalto vice president eBanking for the Americas Hervé Bayle said: "eCommerce in Mexico grew 34% between 2013 and 2014[1] while Mexican banks registered almost 2.9 million cases of suspected fraud.
"Our solution offers Bancomer a unique user experience that minimizes the impact on existing merchant-acquirer-issuer infrastructures. For the physical world, Gemalto can provide a comprehensive CVV/CVC solution in another innovative format: the EMV display card, which combines a CNP security feature with a next gen payment security solution."
