American Banknote Corporation (ABCorp) has partnered with fintech company Ellipse for a new payment card with dynamic security code.
The newly launched battery-free, dual interface card integrates Ellipse Verification Code (EVC) technology to avoid card-not-present (CnP) transaction fraud.
EVC technology replaces the security code printed on the card with a dynamic security code, which will be displayed on a small screen. The dynamic security code changes during each transaction.
EVC is set to complement the EMV technology that is meant to decrease card-present (CP) fraud.
In addition to CnP payments fraud, the new card is expected to cut card reissuance and fraud management costs. The card can be used with all current point-of-sale (POS) terminals and ATMs.
The battery-free design allows the use of the card throughout its lifetime. It also simplifies storage, handling and end-of-life product management.
A statement from ABCorp read: “Issuers can implement ABCorp’s EVC card dynamic code verification by either using their existing EMV authorisation platform and HSM, or by utilising the EVC PCI-DSS compliant, cloud-based verification service via simple API calls.
“This flexibility provides issuers the choice to implement the verification service based on their specific needs and requirements.”
The EVC technology is said to offer easy deployment for issuers and transparency for merchants.
Besides, ellipse CORE battery-free display technology enables the manufacture of display cards with existing hot-lamination process and equipment.
The display also shows prepaid card balance and transit value details.