Oberthur Technologies (OT), a leading global provider of embedded security software products, services and solutions and PROSA, a leading provider of payment processing services in Mexico & Latin America, today announced their partnership to provide Mexican banks with OT MOTION CODE™, a disruptive technology that helps to dramatically reduce online fraud. The 3-digit static code printed on the payment card is replaced by a dynamic code which is automatically refreshed.
According to the Mexican Consumer Protection Agency (CONDUSEF), payment card fraud represented US$480 million in 2014 in Mexico. Today, over 242 million CNP (Card Not Present) transactions per year are processed by PROSA. In order to help banks increase trust in online transactions and reduce the fraudulent use of payment cards, which represents an estimated 60% of the total amount of fraud, PROSA has chosen the OT MOTION CODE™ solution.
With this innovative offer, the static printed code (CVV) is replaced by a mini-screen that displays an automatically refreshed code generated by an algorithm loaded in the chip embedded in the card body (dynamic CVV). The refresh timing will be defined by Mexican financial institutions. As a result, if stolen, the card information, including the dynamic code, immediately loses any value for fraudsters who usually resell stolen card data on “dark websites” to people who buy them to perform fraudulent online purchases. OT and PROSA are ready to provide the OT MOTION CODETM solution, which complies with Visa and MasterCard regulations, to 100% of Mexican Financial and non Financial Institutions. A first deployment with an issuer will be announced early 2016.
For users, this is fully transparent: there is no app to download and the code appears at the same location on the card. They can use their payment card integrating OT MOTION CODE™ to purchase online using a computer, a smartphone or a tablet.
This partnership between OT and PROSA will be fully transparent for banks as OT’s specific server synchronized with the algorithm will be implemented on PROSA’s premises, as well for merchants who do not have to modify their payment page on their website. “We are delighted to have been selected by PROSA to provide OT MOTION CODE™, our disruptive technology which makes the security code on a payment card dynamic. PROSA has a major reach in Mexico and we are delighted to offer this solution to millions of potential consumers. Online fraud is growing quickly all over the world and thanks to our revolutionary innovation, we provide support to Financial and non Financial institutions and merchants in securing transactions” said Eric Duforest, Managing Director of the Financial Services Institutions Business at OT.
“E-Commerce is booming in Mexico and we have to offer security and ease of use to end-users” said José Molina, Prosa General Manager. “As the first company to have introduced this kind of technology, OT has proved it is the best partner with a turnkey solution to help us to reduce online fraud and provide Mexican consumers with a convenient, secure and seamless online shopping experience”.
For more information, visit www.oberthur.com/motioncode/
ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.
OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.
OT employs over 6 300 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 140 countries. For more information: www.oberthur.com
Prosa since 1968 is one of the largest Switch of payment transaction in Latin America, actually processing over 3,300 billion of transactions yearly, our clients are 160 financial and non financial institutions in Mexico and 13 in 7 different countries in central and south America.
Recognized in industry as world class organization and winner of several prizes in quality areas by national and international organizations, Prosa offers the market´s broadest portfolio, competitive prices and certified quality, supported by strong partnerships, Flexibility and Adaptability to attend any size and technological level customers.