Securing online payments
A partnership between IDEMIA, the world leader in augmented identity, and the digital bank modalmais resulted in the launch of the first MOTION CODE card in Brazil. With the country’s accession, technology is now present in the lives of people on all continents.
Through a partnership with the modalmais bank, IDEMIA formally launches its MOTION CODE platform of products and services in Brazil. The technology replaces the traditional three-digit static security code, printed on the back of the cards, with a mini-screen, which displays a dynamic code, updated every hour. This solution drastically reduces the risk of fraud and increases user security.
Marcelo Annarumma, president for Latin America at IDEMIA
MOTION CODE technology uses dynamic encryption and generates an unparalleled reduction in risks related to security in CNP transactions (card-not-present), since it makes it impossible to copy card information. “If this happens, when fraudsters try to use the data, the code will have already been changed several times”, concludes Marcelo Annarumma.
Another advantage offered by MOTION CODE is that it does not require any user change or infrastructure on the part of the acquirer. Since the technology is based on algorithms – responsible for generating new code every hour – there is no need to install plugins or add new data. The entire process is carried out in an intuitive and automatic way.
With the new credit card, having the MOTION CODE technology differential, we were able to expand the offer of banking services to our customers, starting to offer them a new experience.
Ewerton Nadal, Director of Cards at Banco Modalmais
One solution, several benefits
The arrival of MOTION CODE technology in Brazil meets the Brazilian public’s desire for more security in the processes of using cards. According to a proprietary survey by IDEMIA that heard more than 2,100 people in eight countries (Australia, Brazil, China, Germany, Italy, Spain, the United Kingdom and the United States), Brazilians are the people with the highest level of concern in relation to online fraud. According to the survey, seven out of 10 Brazilians say they are very concerned about this threat.
The global average is approximately 44% of respondents concerned about cyber-attacks, which shows that this is a problem to be addressed urgently in Brazil. In particular, because this addition of layers of security could generate a gain in the number of transactions carried out, given that 83% of Brazilians surveyed said that they could use their cards even more in online transactions if they felt more secure.
Marcelo Annarumma, president of IDEMIA for Latin America
The research developed by IDEMIA also shows that it is not for nothing that Brazilians feel insecure about online transactions. Approximately 37% of respondents have had some experience related to fraud – a figure surpassed only by the USA (38%).
About us - IDEMIA, the global leader in Augmented Identity, provides a trusted environment enabling citizens and consumers alike to perform their daily critical activities (such as pay, connect and travel), in the physical as well as digital space.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, an identity that ensures privacy and trust and guarantees secure, authenticated and verifiable transactions, we reinvent the way we think, produce, use and protect one of our greatest assets – our identity – whether for individuals or for objects, whenever and wherever security matters. We provide Augmented Identity for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.
With close to 15,000 employees around the world, IDEMIA serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter
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