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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 $417m 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.
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.
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.
FlexiGroup will announce further details on a new product offering featuring MOTION CODE™ technology closer to launch in 2018.
About IDEMIA - OT-Morpho is now IDEMIA, the global leader in trusted identities for an increasingly digital world, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, we reinvent the way we think, produce, use and protect this asset, whether for individuals or for objects. We ensure privacy and trust as well as guarantee secure, authenticated and verifiable transactions for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.
With close to €3bn in revenues, IDEMIA is the result of the coming together of OT (Oberthur Technologies) and Safran Identity & Security (Morpho). This new company counts 14,000 employees of more than 80 nationalities and serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter
About MOTION CODE™ - MOTION CODE™ provides an extra layer of security for Card-Not-Present (CNP) transactions and against payment card number theft. This technology replaces the static 3-digit security code usually printed on the back of a card, by a mini-screen that displays a code, which is automatically refreshed according to an algorithm, typically every hour. Thus, if the card data gets stolen, it becomes useless in the next hour.
This solution is providing the best customer journey for online shopping since cardholders do not have to change their habits: no need to press any button or install any special plug-in on their internet browser. E-merchants don’t have to modify their website: the cryptogram code generated by the card is used as a standard one without the need for an extra button or pop-up window of any kind.
About FlexiGroup - FlexiGroup is a diversified financial services group providing a range of innovative finance products and seamless payment solutions for home, personal and commercial use. Through a network of over 40,000 merchant, retail and online partners within Australia, New Zealand and Ireland FlexiGroup is the market leader in Point of Sale consumer and commercial finance. For more information, visit www.flexigroup.com.au