Ellipse develops EMV-integrated dynamic card security code technology that generates a unique security code for each transaction, significantly reducing card-not-present fraud. This solution ensures that stolen card information becomes useless, enhancing the security of online and in-person payments without the need for card reissuance.
Funding
$28.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Card-not-present (CNP) fraud is increasing with the growth of online shopping, resulting in significant financial losses for consumers and financial institutions. Stolen card information can be used to make unauthorized purchases, and traditional security measures often prove insufficient.
Solution
Ellipse provides a dynamic card security code (EVC) technology integrated directly into payment cards to combat CNP fraud. The EVC generates a new security code for each transaction, rendering stolen card data useless on the black market. The dynamic code refreshes when the card is used at a point-of-sale (POS) terminal, ATM, or within a bank's mobile application. This solution enhances payment security without requiring card reissuance, offering a frictionless experience for consumers.
Target Audience
The primary target audience includes financial institutions looking to reduce CNP fraud and consumers seeking enhanced security for their payment cards.
Features
- Dynamic security code displayed via an electronic paper display
- Battery-free operation powered by energy harvesting from EMV terminals
- EMV chip agnostic, compatible with all major brands and operating systems
- Dual interface supporting both contact and contactless transactions
- Drop-in module design compliant with ISO 7810 ID-1 standards