From a functionally illiterate dyslexic child to the CEO of a company with the potential to help solve the scourge of multi-billion-dollar card fraud, Ben Jordan has been on a journey.
Ben established Safecypher just three years ago on the back his senior leadership roles in payments services and at the forefront of tackling fraud prevention with Europol, and since then his company’s unique dynamic CVV service has proved its mettle.
In Ireland, the company has worked with the banking arm of the country’s national post office, An Post, to not just reduce card-not-present (CNP) fraud, but erase it as a problem altogether.
It’s a remarkable statistic, and he is now seeking to take the solution to the world.
CNP fraud is a problem of staggering scale: Ben tells NODE’s Romily Broad that it is estimated 80% of US credit cards are compromised, with 150 million Americans experiencing fraud annually.
Prevention methods typically rely on complex risk analysis and, now, AI-driven solutions, but Safecypher’s approach is elegantly simple: a dynamic CVV system that generates a unique three-digit security code for each transaction, right inside people’s usual banking app.
It’s a simple binary solution – you’re either the legitimate cardholder or you’re not. And while it’s been tried before, it’s only now with the benefit of cloud compute and emerging technologies that it can be integrated in a simple, cost-effective (Ben reckons a bank can deploy the solution for just $85,000) and flexible way.
Not only has it zeroed out CNP fraud for An Post’s customers, it has also resulted in those customers using their cards up to three times more frequently after implementation.
As online transactions continue to grow and fraudsters become ever more sophisticated, Safecypher’s simpler thinking holds the potential to transform a complex security problem into an easily scaled solution.
