IDEMIA’s Motion Code technology will be featured in a new payment card from HUBUC to help facilitate secure online transactions. HUBUC is a provider of embedded financial services, and will be making its card available to customers in the European market.
Motion Code, meanwhile, is a dynamic CVV solution that replaces the traditional three-digit CVV found on most cards with a temporary code that changes every time it gets refreshed. The Motion Code CVV is displayed on a screen on the back of the card, where the customer would normally expect to find their CVV. However, a Motion Code card is less vulnerable to cybercriminals, since the CVV would likely no longer be valid even if a fraudster manages to gain access to someone’s payment information through a data breach.
The two parties are hoping that the new offering will reduce the threat of card-not-present fraud, which will in turn make consumers feel more comfortable (and more willing to spend) when shopping online. Card-not-present fraud carried a price tag of €1.4 billion in Europe in 2018 alone, at least according to the European Central Bank.
“We are always looking to bring the latest technology to our products to enhance our client offering and the customer experience,” said HUBUC Co-Founder Ignacio Javierre. “Offering solutions that protect people from fraud and partnering with IDEMIA will help us do this at scale. This will help clients generate additional revenue streams and increase customer loyalty.”
“We’re excited to team up with HUBUC to make MOTION CODE cards and validation services available to more online businesses worldwide,” added IDEMIA Financial Institutions EVP Amanda Gourbault.
IDEMIA’s Motion Code technology has previously been featured in Mastercard and Deutsche Bank’s Tarjeta Calma card in Spain, and in RHB Banking Group’s Rewards Motion Code Credit Card in Malaysia. Motion Code is also one of the technologies available to card issues through IDEMIA’s Global Fintech Accelerator Card Program.