Through this new solution, available in early 2017, cardholders participating in the pilot will have access to the fraud prevention tool, protecting them against fraudsters who target payment cards.
CVV+ is a dual-factor authentication consumer solution that cardholders can implement to help prevent unauthorized use of their card. It works every place cards are accepted, online, over the phone, or at the point of sale, by generating a daily security code that only the cardholder knows, to be used in place of the static CVV code printed on the back of the card where required to complete a transaction.
Sparks Research conducted a consumer survey that revealed shoppers increasingly interested in actively participating in protecting their accounts from fraud, as evidenced by independent research conducted by American Express and Tender Armor, a global fraud prevention payments technology provider. Both studies highlighted consumer willingness to change their behaviour to protect their personal financial information. In the Tender Armor research, 78% of consumers expressed a desire for more security when using their payment card, and 67% of consumers stated a willingness to utilize a dynamic CVV code, like CVV+, to get increase card security.
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