MAITLAND, Fla., June 22, 2012 /PRNewswire/ -- With more than $7 billion in annual bank card fraud worldwide, card not present (CNP) transactions require a new approach to ensure consumers and card issuers are protected. M2 Systems, the financial industry's leading transaction processing technology provider offering fraud prevention tools and consumer-friendly access points for its customers, has launched its patented SAFE Technology, a dynamic transaction security technology for credit and debit cards, offering unprecedented protection for all CNP transactions.
Utilizing the familiar CVV code on the back of cards, this patented technology allows cardholders to generate a unique, secure, one-time use card security code for each transaction made online or via phone, affording a level of security that is unmatched by existing fraud prevention technologies.
Cardholders request a unique Dynamic CVV code via the SAFE app for iPhone and Android devices, or via text messaging request. The one-time use CVV code is issued and available for a single transaction, allowing the authorized transaction to occur, and then immediately becoming invalid.
SAFE Technology also protects consumers against unauthorized retailers online who fraudulently capture and misuse consumer information. Additionally, the technology delivers a way to restrict the card use or narrow its limitations for both swipe and card present transactions, allowing consumers to control when their cards are active for transactions or temporarily disabled. Designed for ease of use, SAFE Technology provides cardholders with a simple tool for ensuring their own security, requiring no fees, only their consent to participate in an issuer-offered program.
SAFE Technology protects merchants, issuing banks and card processors offering similar benefits: ease of use, no modifications to their checkout page or website, elimination of chargebacks and lost revenue due to fraud, and no additional costs, plug-ins or registration. Any card issuer can license SAFE Technology, adding a significant level of comfort and security to cardholders. SAFE Technology is capable of supporting any size implementation from thousands of cards to multi-millions, and can be supported in any country.
"Our approach to fraud-proof the banking card industry is desperately needed, considering the massive and growing levels of fraud occurring in CNP transactions, both domestically and globally, as well as through notable personal information data breaches with merchants," said Mike Muscato, chairman of M2 Systems. "Until now, cardholders have not had the ability to personally control and immediately prevent fraud, and card issuers have lacked a proven solution to stem the tide of heavy losses they must absorb. This clearly puts the fraud controls in the hands of the consumer."
SAFE is already successfully working in several card programs, and now will be available globally to address these challenges and combat online credit and debit card fraud.
For more information on SAFE Technology by M2 Systems, visit www.safebym2.com or call 855-449-SAFE (7233).
About M2 Systems
M2 specializes in architecting transaction and payment processing technologies, and licensing and operating its products and services. Its transaction processing software is licensed to Fortune 500 companies to facilitate tens of billions of annual transactions. For 25 years, it has served several markets, including healthcare and insurance, logistics and financial payments using next-generation software to successfully provide global transaction processing solutions. www.M2-corp.com
Steve Brownell or Perrin McCormick
HB (for M2 Systems)
SOURCE M2 Systems