Pilot program will provide participating cardholders with a tool to help protect against the rising tide of card fraud
InComm, a leading prepaid product and transaction services company, announced today a collaboration with Tender Armor, a global fraud prevention payments technology provider, to pilot Tender Armor’s CVV+ fraud prevention solution. Through this new solution, available in early 2017, cardholders participating in the pilot will have access to an industry-leading fraud prevention tool, helping to protect them against fraudsters who target payment cards.
“Protecting cardholders from fraud is a daunting task, but this new innovative and simple solution has the potential to help protect our consumers and to provide InComm with an important account feature that differentiates our products in the market,” said Scott Meyerhoff CFO and COO, InComm.
CVV+ is a dynamic, real-time, 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.
A consumer survey conducted by Sparks Research found that consumers are increasingly interested in actively participating in protecting their accounts from fraud, as evidenced by independent research conducted by American Express and Tender Armor. Both studies highlighted consumer willingness to change their behavior in order to protect their personal financial information. In the Tender Armor research, 78 percent of consumers expressed a desire for more security when using their payment card, and 67 percent of consumers stated a willingness to utilize a dynamic CVV code, like CVV+, to get increase card security.
“Our mission is to alleviate consumer worry about fraud and the associated hassles of fixing the problem or waiting for a replacement card.” said Madeline Aufseeser, CEO of Tender Armor. “Card issuers and banks risk losing consumer trust, accounts, brand equity and market share every time one of their payment cards is compromised. CVV+ reduces that risk while also reducing the chance of embarrassing mistaken card declines – an advent of fraud detection systems – through empowering cardholders across any payment method, thus creating stronger and more profitable long-term relationships. We are delighted that InComm, a recognized leader in the prepaid card industry, selected CVV+ to be part of their fraud prevention efforts.”
