Oberthur Technologies (OT), a leading global provider of embedded
security software products, services and solutions and PROSA, a leading
provider of payment processing services in Mexico & Latin America, today
announced their partnership to provide Mexican banks with OT MOTION
CODE™, a disruptive technology that helps to dramatically reduce online
fraud. The 3-digit static code printed on the payment card is replaced
by a dynamic code which is automatically refreshed.
According to the Mexican Consumer Protection Agency (CONDUSEF), payment
card fraud represented US$480 million in 2014 in Mexico. Today, over 242
million CNP (Card Not Present) transactions per year are processed by
PROSA. In order to help banks increase trust in online transactions and
reduce the fraudulent use of payment cards, which represents an
estimated 60% of the total amount of fraud, PROSA has chosen the OT
MOTION CODE™ solution.
With this innovative offer, the static printed code (CVV) is replaced by
a mini-screen that displays an automatically refreshed code generated by
an algorithm loaded in the chip embedded in the card body (dynamic CVV).
The refresh timing will be defined by Mexican financial institutions. As
a result, if stolen, the card information, including the dynamic code,
immediately loses any value for fraudsters who usually resell stolen
card data on “dark websites” to people who buy them to perform
fraudulent online purchases. OT and PROSA are ready to provide the OT
MOTION CODETM solution, which complies with Visa and
MasterCard regulations, to 100% of Mexican Financial and non Financial
Institutions. A first deployment with an issuer will be announced early
For users, this is fully transparent: there is no app to download and
the code appears at the same location on the card. They can use their
payment card integrating OT MOTION CODE™ to purchase online using a
computer, a smartphone or a tablet.
This partnership between OT and PROSA will be fully transparent for
banks as OT’s specific server synchronized with the algorithm will be
implemented on PROSA’s premises, as well for merchants who do not have
to modify their payment page on their website. “We are delighted to
have been selected by PROSA to provide OT MOTION CODE™, our disruptive
technology which makes the security code on a payment card dynamic.
PROSA has a major reach in Mexico and we are delighted to offer this
solution to millions of potential consumers. Online fraud is growing
quickly all over the world and thanks to our revolutionary innovation,
we provide support to Financial and non Financial institutions and
merchants in securing transactions” said Eric Duforest, Managing
Director of the Financial Service Institutions Business at OT.
“E-Commerce is booming in Mexico and we have to offer security and
ease of use to end-users” said José Molina, Prosa General Manager. “As
the first company to have introduced this kind of technology, OT has
proved it is the best partner with a turnkey solution to help us to
reduce online fraud and provide Mexican consumers with a convenient,
secure and seamless online shopping experience”.
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ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in embedded digital security that protects you when
you connect, authenticate or pay.
OT is strategically positioned in high growth markets and offers
embedded security software solutions for “end-point” devices as well as
associated remote management solutions to a huge portfolio of
international clients, including banks and financial institutions,
mobile operators, authorities and governments, as well as manufacturers
of connected objects and equipment.
OT employs over 6 300 employees worldwide, including almost 700 R&D
people. With a global footprint of 4 regional secure manufacturing hubs
and 39 secure service centers, OT’s international network serves clients
in 140 countries. For more information: www.oberthur.com
Prosa since 1968 is one of the largest Switch of payment transaction in
Latin America, actually processing over 3,300 billion of
transactions yearly, our clients are 160 financial and non
financial institutions in Mexico and 13 in 7 different countries in
central and south America.
Recognized in industry as world class
organization and winner of several prizes in quality areas by national
and international organizations, Prosa offers the market´s broadest
portfolio, competitive prices and certified
quality, supported by strong partnerships, Flexibility and Adaptability
to attend any size and technological level customers.
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