CINCINNATI, June 12, 2018 /PRNewswire/ -- Vantiv, now
Worldpay, Inc. (NYSE: WP) and IDEMIA are spearheading the first
North American pilot of the MOTION CODE™ debit card, a dynamic
payment card that aids in the fight against card-not-present (CNP)
fraud and against hackers to offset the repercussions banks face as
a result of data breaches.
The average cost of a data breach in the U.S. in 2017 was
$7.3 million.1 In a 44
percent increase over 2016, there were 1,579 data breaches in the
U.S. in 2017, 302 of which resulted in the exposure of full credit
and debit card numbers.2
The MOTION CODE™ payment card replaces the static CVV code
printed on the back of cards today with an e-paper mini-screen,
which displays a dynamic security code that automatically changes
at regular intervals. Because a MOTION CODE™ debit card constantly
changes its security code, stolen data is rendered useless to bad
actors within hours, if not minutes.
"Worldpay prides itself on being at the forefront of fraud
prevention in the U.S.," said Bill
Hampton, senior leader and head of issuer solutions at
Worldpay. "In our pursuit to eliminate fraud, we continue to
champion innovation in a market that typically lags behind the rest
of the world. By partnering with IDEMIA to deliver MOTION CODE™ in
the U.S., we will continue to offer best-in-class security to
financial institutions and their cardholders. This card provides a
complete end-to-end solution for our issuers and their cardholders
everywhere."
Worldpay is the first payment processor in the U.S. to
incorporate this technology into their payment-processing platform
making it a seamless integration for financial institutions looking
to deploy MOTION CODE™ debit cards. Ten different international
locations have deployed cards featuring MOTION CODE™ totaling more
than 600,000 cards issued with more than 4,000,000 authorized
transactions. Throughout these deployments, there have been no
reported cases of CNP fraud. 3
"Just as IDEMIA championed the use of chip cards to address
point-of-sale fraud, we are leading the way with MOTION CODE™ as an
innovation solution to help fight card-not-present fraud," said
Megan Heinze, president for
financial institutions activities in North America at IDEMIA. "We are excited that
Worldpay is the first company to deploy our solution in
North America."
Worldpay was recently selected as a finalist in the 2018 NAFCU
Innovation Awards for MOTION CODE™. To learn how Worldpay can help
your financial institution fight fraud and the repercussions of a
data breach, visit www.vantiv.com/financial-institutions.
About IDEMIA
OT-Morpho is now IDEMIA™, the global leader in Augmented Identity™
for an increasingly digital world, with the ambition to empower
citizens and consumers alike to interact, pay, connect, travel and
vote in ways that are now possible in a connected environment.
Securing our identity has become mission critical in the world
we live in today. By standing for Augmented Identity, we reinvent
the way we think, produce, use and protect this asset, whether for
individuals or for objects. We ensure privacy and trust as well as
guarantee secure, authenticated and verifiable transactions for
international clients from Financial, Telecom, Identity, Public
Security and IoT sectors.
OT (Oberthur Technologies) and Safran Identity & Security
(Morpho) have joined forces to form IDEMIA. With close to
$3 billion in revenues and 14,000
employees around the world, IDEMIA serves clients in 180
countries.
- For more information, visit www.idemia.com / Follow
@IdemiaGroup on Twitter
About Worldpay
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments
technology company with unique capability to power global
integrated omni-commerce. With industry-leading scale and an
unmatched integrated technology platform, Worldpay offers clients a
comprehensive suite of products and services globally, delivered
through a single provider.
Worldpay processes over 40 billion transactions annually through
more than 300 payment types across 146 countries and 126
currencies. The company's growth strategy includes expanding into
high-growth markets, verticals and customer segments, including
global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the
No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc.
trades on the New York Stock Exchange as "WP" and the London Stock
Exchange as "WPY."
Visit us at www.worldpay.com.
For more information, please contact:
Worldpay,
Inc.
|
Email
|
Telephone
|
Ian Wissman,
Corporate Communications
|
Ian.Wissman@worldpay.com
|
(513)
900-5897
|
IDEMIA
|
Email
|
Telephone
|
Trish McCall,
Olmstead Williams Communications
|
tmccall@olmsteadwilliams.com
|
(310)
824-9000
|
© 2018 Worldpay, Inc. All Rights Reserved. All
trademarks, service marks and trade names referenced herein are the
property of their respective owners. Worldpay and other Worldpay
products and services mentioned herein as well as their respective
logos are registered trademarks or trademarks of Worldpay, Inc. in
the U.S. and other countries.
1 Ponemon Institute 2017 Cost of Data Breach Study,
on behalf of IBM, https://www.ibm.com/security/data-breach
2 Identity Theft Resource Center, 2017 Annual Data
Breach Year-End Review
3 IDEMIA internal data
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SOURCE Worldpay, Inc.