It’s a bitter pill to swallow, but recent studies report that three out of five American credit cardholders have experienced credit card fraud. That’s about 128 million people, or more than the entire population of Japan. And it doesn’t stop there: seventy-five percent of these victims have experienced credit card fraud more than once.
The obvious conclusion: traditional credit card security measures are falling short, and with fraudsters evolving their tactics, it’s time for a groundbreaking solution to protect cardholders from this increasingly common problem. That solution? Invisible Mode, the next evolution of payment card protection, only available on EVC-ready cards.
Why Your Credit Card’s Security Isn’t Enough Anymore
A quick refresher: credit card security codes go by many names, from CVC (Card Verification Code) to CVV (Card Verification Value) and many more besides. The code itself is a three or four-digit number that’s printed on the back of your credit card (or the front, if you have an American Express card). CVCs were invented in 1995 by Michael Stone to combat the rise of credit card fraud.
Since then, CVCs have been one of the few defenses for protecting card transactions that are made from a distance: usually online, but also over the phone or by mail. Basically, the security code acts as a type of 2-factor authorization. Since the code is only printed on the card itself, asking for it should signify that the card is in the owner’s hands.
CVCs are meant to protect online purchases, but they offer no defense against someone physically stealing your card and using it online. Worse yet, someone could just memorize or photograph your CVC and type in your card information to make an online purchase. Fraudsters stop at nothing to get the goods—just check out our list of types of credit card fraud. In 2023, payment cards were far and away the most common payment method for all types of fraud in the U.S. So even with traditional CVCs, your card has never been more vulnerable to fraud.
But what if CVCs were better?
What is Invisible Mode?
Invisible Mode via EVC is a card-based security tool that’s designed to address the weaknesses of traditional CVCs. It allows you to hide your card’s CVC at will with the tap of a mobile app. This makes it impossible for anyone to memorize or photograph the code while the card is out of your sight, lost, or stolen.
Invisible Mode doesn’t just bring cards a new level of protection; it brings cardholders peace of mind. With this technology, you’re always in control, knowing that your sensitive card details are only accessible when you need them.
Invisible Mode in the Real World
Invisible Mode is a fraud-busting game changer in a variety of real-world scenarios. Here’s just a few:
Handing your credit card to a stranger
Picture this: you hand your card to a bartender to open a tab. Do you feel uneasy, wondering if they might jot down your CVC and card number when you’re not looking? Industry expert Tim Pie thinks you should: handing over your card to run up a tab is "definitely a security risk", he says. "We'd recommend our customers ask why it's necessary for the pub or restaurant to take the actual card, as letting it out of your sight can lead to it being skimmed."
Whenever a server, bartender, or store sales rep disappears around the corner to check your details or run your card, they could be taking a photograph of it for later fraud. With Invisible Mode, you don’t need to stress. Your CVC stays hidden unless you reveal it, putting you in the driver’s seat and blocking fraudulent activity.
Dropping your credit card or being pickpocketed
Lost your wallet or fell victim to a pickpocket? It happens all the time—and it’s incredibly stressful. Pickpocketing has been on the rise since 2021, with the holiday season being particularly dangerous. Invisible Mode gives you a safety net, wherein losing your card doesn’t mean losing all your funds. With Invisible Mode, even if someone steals your card, the CVC remains hidden, preventing the thief from using it for online shopping or selling its information on the dark web. It’s a second layer of protection that can prevent sleepless nights after losing your wallet.
Friendly fraud at home or work
Parenting is tough. No, seriously: in a recent survey, nearly half of parents interviewed said that their child has used their card without permission. It’s not just kids either—colleagues or houseguests can easily access your card if you leave it unattended at home or at work. It’s called friendly fraud, and it’s a huge problem. In fact, about one-fifth of card fraud that happens online, by mail, or over the phone can be attributed to friendly fraud. But with Invisible Mode, even if a precocious kid or sullen teenager gets their hands on your card, they won’t be able to buy themselves that video game upgrade you said “no” to. Voilà: your home is now a safer place for your credit card.
Innovation and Invisible Mode
Deloitte, a heavyweight in the financial sector, has said that “the bank of the future will need to embrace emerging technology, remain flexible to adopt evolving business models, and put customers at the center of every strategy.” Invisible Mode is the next innovation that the industry will need to adopt to meet modern needs, just like how it previously embraced chip-and-PIN, EMV, and contactless payments technology.
Here’s why: online card fraud is a unprecedented threat, projected to make up 74% of card fraud this year. Invisible Mode can mitigate this rising trend in fraud and drastically lower overall fraud stats in doing so. Additionally, because it manipulates card information on the card itself, Invisible Mode cuts fraud off at the source, offering a catch-all solution that can evolve with new technologies and protect cardholders against threats that haven’t even emerged yet, like new spying technologies.
Invisible Mode on payment cards isn’t just a stopgap; it’s a future-proof solution that provides a solid bedrock of fraud protection for the banking industry to rest upon.
Invisible Mode is powered by Ellipse Verification Code (EVC) technology, the next generation of payment card security. EVC works by integrating a battery-free chip into your card. The EVC chip features an electronic paper screen that can change or hide your card’s CVC as needed, a marked improvement on printed CVCs. EVC technology gives you the power to change, hide, or reveal your card’s CVC with the touch of a button in your banking app.
Comments