BBVA Bancomer and Gemalto announce first commercial rollout of Dynamic Code Verification solution
November 26 2015 - 12:00AM
Gemalto (Euronext NL0000400653 GTO), the world leader in digital
security, is providing BBVA Bancomer, the leading financial
institution in Mexico serving over 20 million customers, with
Dynamic Code Verification, Gemalto's dynamic CVV/CVC solution
protecting against Card-Not-Present (CNP) fraud. This is the first
commercial rollout of its kind and the solution is delivered to
BBVA Bancomer in its mobile version. The solution also comprises of
a validation server and associated services.
Enabled by the Ezio Mobile technology, Gemalto's Dynamic Code
Verification solution is a new feature of BBVA Bancomer's mobile
wallet application that replaces static 3-digit codes with a
time-based dynamic CVV/CVC, unique to each individual transaction.
The solution mitigates eCommerce fraud linked to stolen card
numbers while preserving the unique user-centric experience of
online shopping as well as from the ease of a smartphone.
The Gemalto-enabled BBVA Bancomer mobile wallet securely creates
and digitally stores banking card related data on the customer's
mobile device. The solution leverages Gemalto's proven Ezio Mobile
technology providing scalable, future proof security.
"Mobile Banking and eCommerce are expanding rapidly, but lack of
trust can prevent some customers from embracing it," said Hugo
Najera Alva, General Director of Digital Banking of BBVA Bancomer.
"Our long time partner, Gemalto helped us quickly implement
groundbreaking dynamic CVV/CVC technology and the response thus far
has been outstanding: in the first weeks of the project we already
have more than 100,000 active users."
"eCommerce in Mexico grew 34% between 2013 and 20141 while
Mexican banks registered almost 2.9 million cases of suspected
fraud," said Hervé Bayle, Vice President eBanking for the Americas
at Gemalto. "Our solution offers Bancomer a unique user experience
that minimizes the impact on existing merchant-acquirer-issuer
infrastructures. For the physical world, Gemalto can provide a
comprehensive CVV/CVC solution in another innovative format: the
EMV display card, which combines a CNP security feature with a next
gen payment security solution."
1 Estudio Comercio Electrónico 2015, Asociación Mexicana de
Internet, México 2015
2
http://mexiconewsdaily.com/news/bank-fraud-rise-especially-debit-cards/
About Gemalto
Gemalto (Euronext NL0000400653 GTO) is the world leader in
digital security, with 2014 annual revenues of €2.5 billion and
blue-chip customers in over 180 countries.
Gemalto helps people trust one another in an increasingly
connected digital world. Billions of people want better lifestyles,
smarter living environments, and the freedom to communicate, shop,
travel, bank, entertain and work – anytime, everywhere – in ways
that are enjoyable and safe. In this fast moving mobile and digital
environment, we enable companies and administrations to offer a
wide range of trusted and convenient services by securing financial
transactions, mobile services, public and private clouds,
eHealthcare systems, access to eGovernment services, the Internet
and internet-of-things and transport ticketing systems.
Gemalto's unique technology portfolio - from advanced
cryptographic software embedded in a variety of familiar objects,
to highly robust and scalable back-office platforms for
authentication, encryption and digital credential management - is
delivered by our world-class service teams. Our 14,000 employees
operate out of 99 offices, 34 personalization and data centers, and
24 research and software development centers located in 46
countries.
For more information visit www.gemalto.com,
www.justaskgemalto.com, blog.gemalto.com, or follow @gemalto on
Twitter.
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