IDEMIA, the provider in trusted identities for an increasingly digital world, announced its partnership with FlexiGroup, Australia’s market supplier in Point of Sale consumer and commercial finance to launch Australia’s first MOTION CODE credit card.
Developed by IDEMIA (formerly known as OT-Morpho), the MOTION CODE credit card is a high-tech payment card with a dynamic security code (CVV2) that automatically changes hourly. Instead of a static security code printed on the back of a bank card, the MOTION CODE CVV2 is displayed on an e-paper “mini-screen”.
The security code automatically refreshes to a random security code every hour. This solution has no impact on the cardholder journey for safer online transactions: if compromised, this dynamic data becomes rapidly unusable.
As online shopping becomes increasingly popular, the cases of online fraud have escalated with online fraud in Australia rampant at $417 m(€354.07 m) last year and growing 15% per year, according to the Australian Payments Network. FlexiGroup will be the first company to launch MOTION CODE credit cards in Australia in the first half of 2018.
“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. The addition of this dynamic security feature means FlexiGroup will be able to offer customers advanced safeguarding when making online purchases.”
“We continually strive to deliver innovative and tailored financial solutions for our customers and we are excited to partner with IDEMIA to be the first to bring MOTION CODE technology to Australians”, said Symon Brewis-Weston, CEO of FlexiGroup.
“We are thrilled about this exclusive launch of MOTION CODE here as it is the first product of its kind in Australia and has the potential to significantly impact the online payments industry by reducing fraud. But more importantly, MOTION CODE can create better customer experience for shoppers as well as provide a strong sense of comfort and security for buyers to go online”, said Mark Garvie, Asia Pacific managing director for Financial Institutions activities at IDEMIA. FlexiGroup is also partnering with Mastercard to bring this new MOTION CODE card to market.
“Safety and security is one of Mastercard’s global priorities, so we’re incredibly excited to partner with FlexiGroup to enable the launch of this Australian-first technology. 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”, said Matt Barr, senior vice president: Core, Digital and New Payment Flows.
FlexiGroup will announce further details on a new product offering featuring MOTION CODE technology closer to launch in 2018.