Giesecke+Devrient (G+D) has introduced its latest solution for fraud prevention in India with the launch of the Convego SecureCode payment card. This innovative card is designed to provide banks and financial institutions with a robust tool to combat fraudulent transactions, while also enhancing security and user experience for cardholders.
Card-not-present (CNP) fraud remains a significant challenge, accounting for about 70% of all fraudulent credit card activities. Criminals exploit stolen card information to make unauthorised transactions, especially in e-commerce and online payments, where the physical card is not required. The financial impact of such fraud is substantial, with global losses expected to reach nearly $50 billion by 2030. These incidents not only result in financial losses but also erode consumer trust, potentially prompting customers to move to competing banks. Merchants may also reject cards from issuers frequently linked to fraudulent activity.
Traditional payment cards use a static three-digit security code- CVV, CVC, or CID- printed on the back of the card, which remains the same for every transaction. If card details are exposed in a data breach, this static code can be easily misused. G+D’s Convego SecureCode card addresses this vulnerability by introducing a dynamic verification code that changes with each transaction. The card features an e-ink display that generates a new, unique card verification code for every purchase, whether it is at a point-of-sale terminal, during contactless payments, or online. Cardholders can also refresh their code on demand using their mobile banking app.
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The Convego SecureCode card preserves the ease of use that consumers expect, requiring no additional apps, plug-ins, batteries, or specialised devices. Its battery-free EMV module extends the card’s lifespan, setting it apart from other solutions that rely on battery-powered components. This ensures a frictionless experience for both cardholders and merchants.
“Convego SecureCode is a smart leap forward in securing digital payments without compromising user convenience,” says Mikko Kähkönen, Head of Payment Cards Portfolio at G+D. “Banks now have a future-ready solution to protect their customers and reduce fraud – all while delivering a seamless payment experience that today’s consumers expect.”
As digital transactions continue to rise, G+D’s Convego SecureCode card represents a significant advancement in the fight against payment fraud, offering stronger protection and greater peace of mind for both cardholders and financial institutions.
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