A new Dynamic Security Code technology has successfully eliminated Card-Not-Present (CNP) fraud for the Irish Post Office’s financial arm. During International Fraud Awareness Week, An Post Money announced it has recorded zero CNP fraud across over 600,000 transactions in more than 18 months. This breakthrough demonstrates the power of replacing the static CVV on the back of payment cards with a secure, time-sensitive Dynamic Security Code.
CNP fraud is a growing global crisis. It is projected to cost American banks over $12 billion in 2025. Consequently, financial institutions are seeking powerful solutions. The proven success of the Dynamic Security Code at An Post Money offers a compelling model for the entire industry.
How the Dynamic Security Code Works
The technology fundamentally changes how online transactions are authenticated. It replaces the vulnerable, static three-digit CVV code.
The core of the platform is its Dynamic Security Code technology. This system generates a new, time-sensitive code in real-time. The code is exclusively visible for a limited time within the customer’s own mobile banking app.
This process creates a robust multi-factor authentication (MFA) system for every payment. As a result, even if a criminal steals a card’s primary details, they cannot complete a transaction. Authorization requires access to both the cardholder’s physical device and their secured banking app.
Proven Results at a National Scale
The implementation of the Dynamic Security Code at An Post Money has yielded what the company calls “astounding” results. The data provides a powerful case study for its effectiveness.
Key outcomes from the integration include:
- Zero Fraud:Â No CNP fraud recorded on over 600,000 transactions for enrolled customers.
- Increased Card Usage:Â Customers used their cards over 50% more frequently.
- High Adoption:Â A 32%+ voluntary opt-in rate by customers.
- Minimal Disruption:Â No significant impact on user experience or customer service complaints.
John Rice, Financial Services Director at the Irish Post Office, endorsed the technology strongly. He stated, “Dynamic Security Code is such an effective and simple solution against CNP fraud. It should be mandatory for all card issuers!”
Building Customer Trust and Stopping Fraudsters
Beyond the raw data, the Dynamic Security Code has significantly increased customer confidence. People feel safer shopping online when they know their transactions are protected.
Bruce Richardson, Head of Change & Development at An Post Money, confirmed this benefit. “We saw a measurable increase in customer trust and confidence,” he said. The solution also created a “halo effect,” pushing fraudsters to target less-secure institutions instead.
Mark Phillips, CEO of Safecypher, highlighted the urgency of the problem. “Fraudsters do not care whose lives they destroy,” he noted. “It is estimated that they already have access to 80% of credit card details for sale on the Dark Web.” The Dynamic Security Code renders this stolen data instantly worthless.
A Critical Tool in the AI Arms Race
The fight against fraud is increasingly a technological battle. Criminals are using advanced tools, including AI, to automate their attacks. Therefore, simple and elegant security solutions are more critical than ever.
The Dynamic Security Code provides a powerful defense. It is quick for banks to implement, requiring only a single API connection. For more information on global fraud trends, the Association of Certified Fraud Examiners is a leading resource.
This technology proves that proactive security measures can effectively protect consumers. By adopting a Dynamic Security Code, financial institutions can build trust, reduce losses, and finally win the fight against CNP fraud.