An end to credit card fraud? Dynamic CVV numbers set to hit Australia in 2018
Article by Tom Watson
A novel solution designed at combating credit card fraud could soon be a standard feature on your plastic, with the MOTION CODE credit card set to be released in Australia for the first time by mid 2018.
The high-tech credit card, developed by French digital security specialists IDEMIA, will be launched in Australia by financial services company FlexiGroup - featuring a ‘dynamic’ digital CVV (Card Verification Value) number which changes every hour.
The new technology could mean the current three of four digit CVV number which sits on the back of your card will soon be a thing of the past, with the new MOTION CODE credit card CCV number set to be displayed on an e-paper (electronic paper) mini screen on the card.
“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.
“The addition of this dynamic security feature means FlexiGroup will be able to offer customers advanced safeguarding when making online purchases.”
According to a recent report from the Australian Payments Network, Australian cardholders lost $533.8 million in 2016 alone to credit card fraud, with ‘card not present’ (CNP) fraud by far the most common - accounting for $417.6 million in lost money.
The MOTION CODE technology would make it harder for online scammers in particular who get hold of an individual's card details, given that they would only have an hour to use a stolen credit card before the CVV number changes.
FlexiGroup will partner with Mastercard to bring the technology to Australian cardholders, with Senior Vice President of Core, Digital and New Payment Flows at Mastercard Australasia, Matt Barr noting that the company is excited to be able to offer greater security and safety to its 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.
While you won’t able to get your hands on a card with a dynamic CVV number just yet, make sure you head over to the Mozo credit card comparison hub to compare a range of Mastercard offers or read on for some handy tips to avoid credit card fraud.
Four tips to prevent online credit card fraud fraud
- Keep your software up to date: Whether it’s your operating software or any anti-virus or anti-malware programs you run, making sure you’ve got the latest software running on your device could keep it safer (and make it run faster).
- Shop secure: You wouldn’t go into a dodgy-looking store in real life, so keep up that same caution when you’re shopping online. Two great ways to ensure a safer shopping experience is by looking for the ‘padlock’ symbol next to the url as well as browsing on ‘https’ sites (the extra ‘s’ stands for ‘secure’).
- Create a killer password: The more complicated the better (think multiple characters, numbers and symbols). Using a variety of passwords for your various different accounts means you’re less likely to be compromised.
- Beware of phishing and skimming: Received and email or text from someone you’re not familiar with? Probably a safe bet not to click the link. Even if it’s from a recognisable source like your bank it still could be worth your while to call them up to verify that it’s genuine.