The new technology allows consumers to control when their cards are active for transactions or temporarily disabled
Transaction and payment processing technologies provider M2 Systems has launched its SAFE Technology, a fraud-proof transaction authentication application for credit and debit cards that offers protection for all CNP transactions.
The new technology uses CVV code on the back of cards to allow cardholders to generate a secure, one-time use card security code for each transaction made online or via phone.
Cardholders can request a unique Dynamic CVV code through the SAFE app for iPhone and Android devices as well as generate code through text message.
The one-time use CVV code will be issued and available for a single transaction the code becomes invalid after an authorised transaction is completed.
SAFE Technology protects consumers against unauthorised retailers online who fraudulently capture and misuse consumer information. It also provides cardholders with a tool for ensuring their own security.
M2’s fraud-proof transaction authentication technology delivers a way to restrict the card use or narrow its limitations for both swipe and card present transactions, allowing consumers to control when their cards are active for transactions or temporarily disabled.
The new technology protects merchants, enabling banks and card processors to eliminate the modifications to their checkout page or website, chargebacks and lost revenue due to fraud and additional costs, plug-ins or registration.