BBVA Bancomer And Gemalto Announce First Commercial Rollout Of Dynamic Code Verification Solution

Mobile dynamic CVV/CVC to secure Card-Not-Present transactions

Gemalto, 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 2014[1] while Mexican banks registered almost 2.9 million cases of suspected fraud[2],” said Herve 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 Electronico 2015, Asociacion Mexicana de Internet, Mexico 2015
[2] http://mexiconewsdaily.com/news/bank-fraud-rise-especially-debit-cards/

Press release (PDF): http://hugin.info/159293/R/1969333/719766.pdf