Embedded digital security company Oberthur Technologies released on Thursday (March 17) the results of a survey showing that 80 percent of respondents would be more likely to use a MOTION CODE-enabled card over one that has a static and printed CVV code when shopping online.
In the use of the former, as noted in a release by the company, the printed CVV is replaced by a mini screen that shows automatically refreshed codes generated by algorithms — known as dynamic CVV — each hour. Oberthur said that such activity does not involve additional steps in online buying processes. Even if a card is actually stolen, in one short hour, it is rendered useless.
In a statement that accompanied the release, Martin Ferenczi, president for North America for Oberthur, said: “Online fraud is now 65 percent of the total card fraud. That’s why Oberthur Technologies developed MOTION CODE — to combat card-not-present (CNP) fraud.” He added that the technology “reduces online fraud and is completely transparent to the cardholders and eRetailers.”
Of the 231 respondents, 88 percent said they viewed the cards as “an efficient answer” to fraud, and 88 percent also said that the cards were “easy to use.” A full 90 percent said that the cards were “innovative.” Of those who have been victimized by fraud, 61 percent said they are more cautious when they shop online or they shop online less frequently. And 60 percent said they would pay more for technology such as that contained in a MOTION CODE card.
A U.S. Commerce Department report last month stated that total eCommerce sales across all of last year stood at $342 billion, up 14.6 percent from a year earlier, with eCommerce at 7 percent of the 2015 total sales tally.
