“Dynamic Security Code is such an effective and simple solution against CNP fraud. It should be mandatory for ALL CARD ISSUERS.”
John Rice, Financial Services Director at the Irish Post Office
The Irish Post Office has announced that thanks to Safecypher, in the last 18 months they have not suffered a single CNP fraud transaction through the An Post Money App.
NEW YORK, Nov. 20, 2025 /PRNewswire/ — Card-Not-Present (CNP) fraud is spiralling. It is projected to cost American banks more than $12 billion in 2025, up from $10.2 billion in 2024. This staggering news comes as International Anti-Fraud Awareness week is well under way.
Fortunately, in a stunning development in Ireland, An Post Money, the financial services arm of the Irish Post Office, has confirmed that in over 16 months they have not suffered one single CNP fraudulent transaction by customers enrolled in their new Dynamic Security Code program. In fact, and in partnership with fraud security Safecypher experts, An Post eliminated CNP fraud across 600,000+ transactions in 2024-25.
Proven at Scale, Zero Fraud, Higher Spend and Lower Risk
After integrating Safecypher, the results, in An Post Money’s words, have been “astounding.” John Rice, Financial Services Director exclaimed, “Dynamic Security Code is such an effective and simple solution against CNP fraud. It should be mandatory for all card issuers!”
An Post Money stated they:
- Recorded zero CNP fraud for enrolled customers on 600,000+ online transactions over 15+ months
- Customers used their cards over 50% more, going from 2 to 3+ per month per customer
- Saw a 32%+ voluntary opt-in rate by customers
- Reported minimal disruption to User Experience or complaints to Customer Care
- Triggered a ”halo effect” that pushed fraudsters to target other institutions
Bruce Richardson, Head of Change & Development at An Post Money said, “Safecypher’s Dynamic Security Code technology is an invaluable tool for An Post Money customers, especially in the run up to Black Friday and Christmas. By integrating the robust Safecypher tech into our popular An Post Money App, we have seen a dramatic drop in CNP fraud, and it is extremely rewarding to be leading and winning the fight against CNP fraud. We strongly encourage all our customers to start using it immediately, to protect them from online shopping fraud!”
“We saw a measurable increase in customer trust and confidence in using their card for online transactions. Our customer’s transactions are now far more secure, and as an organisation we are proud to be protecting our customers from CNP and tokenised fraud with digital wallets.” (ApplePay and GooglePay), concluded Richardson.
“Fraudsters do not care whose lives they destroy – and they are getting ever faster, smarter, and more automated. It is estimated that they already have access to 80% of credit card details which are for sale on the Dark Web,” said Mark Phillips, CEO of Safecypher.
“The damage they cause is significant, from the strain on victims’ finances, to the psychological toll and loss of consumer trust in digital transactions. In addition, it creates considerable cost to banks and merchants. It can and should be stopped.”
“Safecypher’s intelligent technology and elegant use of Multi Factor Authentication makes that stolen card data instantly worthless. It is simple, scalable, and most importantly it really works to protect people,” concluded Phillips.
A dynamic, time-sensitive Dynamic Security Code that eliminates CNP fraud.
The core of Safecypher’s platform is its Dynamic Security Code technology, which takes the well-established static CVV three-digit security code and replaces it by generating a new dynamic code in real-time that is exclusively visible for a limited time within the customer’s mobile banking app.
This solution, which is integrated into a bank’s app, provides highly secure two-factor authentication for every payment. As a result, even if a card’s details are compromised, authorisation for a transaction cannot be completed without access to both the cardholder’s device and their banking app.
Accessing the code is as easy as opening the bank’s app. This multi-factor authentication (MFA) process utilizes both the device’s and app’s security, including biometrics, rendering credit card numbers unusable without access to both the physical device and the banking app.
For banks and merchants, the real win is that preventing those losses goes straight to the bottom line, benefiting employees, shareholders and customers.
Safecypher is quick and easy to implement: all it requires is a single Safecypher API to be connected in the issuer’s backend infrastructure.
The AI Arms Race
It is incredible the speed at which AI is moving, and fraudsters are right at the forefront. Safecypher’s simple, elegant, and secure solution prevents them from transacting using data they acquire from the dark web or phishing.
About Safecypher safecypher.com
Safecypher, whose mission is to eliminate fraud, is the leading provider of dynamic Card Not Present (CNP) fraud prevention technology. The company’s innovative solution replaces vulnerable static CVV codes with time-sensitive dynamic values and leverages multi-factor authentication (MFA) using separate mobile devices not accessible by criminals. This both provides a robust layer of security that empowers financial institutions and protects consumers from the majority of online fraud.
About International Fraud Awareness Week International Fraud Awareness Week
International Fraud Awareness Week is the brainchild of the Association of Certified Fraud examiners. Association of Certified Fraud Examiners. The ACFE is based in Austin, Texas, and it is the world’s largest anti-fraud organization and the premier provider of anti-fraud training and education.
Founded in 1988 by Dr. Joseph T. Wells, the ACFE’s primary mission is to reduce the incidence of fraud and white-collar crime and to assist its members in fraud detection and deterrence.
The most impressive measure of the week’s success is the rapid growth in global participation. It is on its way to be the standard calendar event for anti-fraud professionals to align their strategies.
- Global Footprint: In recent campaigns (e.g., 2023/2024), over 1,800 supporting organizations officially signed up to participate, representing more than 148 countries.
- Year-Over-Year Growth: Participation has seen significant spikes; for example, the number of supporting organizations grew by over four hundred in a single year recently.
- Corporate Buy-in: Major global entities like JPMorgan Chase, Visa, and Riskified now use the week to launch major consumer protection initiatives, validating the week’s status as a critical industry milestone.
The association has over 90,000 members in more than 180 countries.
About An Post Money Stamps | Current Accounts | Credit Cards | Loans | An Post
An Post Money is the financial services division of the Irish post office, offering a comprehensive suite of financial products including current accounts, savings, credit cards, and loans. An Post Money is committed to providing secure and reliable financial services to its customers throughout Ireland.
Supporting Industry Sources
- ClearlyPayments.com. ”Credit Card Fraud Statistics in 2024 for USA.”
- FICO. ”Card-Not-Present Fraud Remains a Leading Concern as Payment Systems Evolve.”
- Federal Reserve Board. ”2021 Interchange Fee Revenue, Covered Issuer Costs, and Covered Issuer and Merchant Fraud Losses Related to Debit Card Transactions.”
- LexisNexis Risk Solutions. ”Card Not Present Fraud in 2022.”
- McKinsey & Company. ”Fraud management: Recovering value through next-generation solutions.”
- Merchant Cost Consulting. ”Credit Card Fraud Statistics (2025).”
- U.S. Payments Forum. ”Card-Not-Present (CNP) Fraud Mitigation Techniques.”
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