Worldpay and IDEMIA Introduce MOTION CODE Debit Cards to Financial Ins…

기사입력 2018.06.14 19:19
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(Business Wire / Korea Newswire) Vantiv, now Worldpay, Inc. (NYSE:WP) and IDEMIA are spearheading the first North American pilot of the MOTION CODE™ debit card, a dynamic payment card that aids in the fight against card-not-present (CNP) fraud and against hackers to offset the repercussions banks face as a result of data breaches.


The average cost of a data breach in the U.S. in 2017 was $7.3 million (1). In a 44 percent increase over 2016, there were 1,579 data breaches in the U.S. in 2017, 302 of which resulted in the exposure of full credit and debit card numbers (2).

 

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IDEMIA Homepage capture


The MOTION CODE™ payment card replaces the static CVV code printed on the back of cards today with an e-paper mini-screen, which displays a dynamic security code that automatically changes at regular intervals. Because a MOTION CODE™ debit card constantly changes its security code, stolen data is rendered useless to bad actors within hours, if not minutes.


“Worldpay prides itself on being at the forefront of fraud prevention in the U.S.,” said Bill Hampton, senior leader and head of issuer solutions at Worldpay. “In our pursuit to eliminate fraud, we continue to champion innovation in a market that typically lags behind the rest of the world. By partnering with IDEMIA to deliver MOTION CODE™ in the U.S., we will continue to offer best-in-class security to financial institutions and their cardholders. This card provides a complete end-to-end solution for our issuers and their cardholders everywhere.”


Worldpay is the first payment processor in the U.S. to incorporate this technology into their payment-processing platform making it a seamless integration for financial institutions looking to deploy MOTION CODE™ debit cards. Ten different international locations have deployed cards featuring MOTION CODE™ totaling more than 600,000 cards issued with more than 4,000,000 authorized transactions. Throughout these deployments, there have been no reported cases of CNP fraud (3).


“Just as IDEMIA championed the use of chip cards to address point-of-sale fraud, we are leading the way with MOTION CODE™ as an innovation solution to help fight card-not-present fraud,” said Megan Heinze, Senior Vice-President for financial institutions activities in North America at IDEMIA. “We are excited that Worldpay is the first company to deploy our solution in North America.”

[Choi Ann, Reporter 기자 ann@worldyan.com]
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