NEW YORK, Nov. 21, 2025 — Leads & Copy — An Post Money, the financial services arm of the Irish Post Office, has eliminated Card-Not-Present (CNP) fraud across 600,000+ transactions in 2024-25 using Safecypher’s Dynamic Security Code technology.
The Irish Post Office reports that in the last 18 months, it has not experienced a single CNP fraud transaction through the An Post Money App due to Safecypher.
CNP fraud is projected to cost American banks more than $12 billion in 2025, an increase from $10.2 billion in 2024, according to the press release. This announcement coincides with International Anti-Fraud Awareness week.
An Post Money customers enrolled in the Dynamic Security Code program have not suffered a single CNP fraudulent transaction in over 16 months. In partnership with Safecypher, An Post Money has eliminated CNP fraud across more than 600,000 transactions in 2024-25.
According to An Post Money, integrating Safecypher has yielded “astounding” results. John Rice, Financial Services Director at the Irish Post Office, recommends Dynamic Security Code be mandatory for all card issuers.
An Post Money reports the following results for enrolled customers:
- Recorded zero CNP fraud on 600,000+ online transactions over 15+ months.
- Customers used their cards over 50% more, increasing from two to three+ times per month.
- Saw a 32%+ voluntary opt-in rate.
- 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, states that Safecypher’s Dynamic Security Code technology is an invaluable tool for An Post Money customers, especially leading up to Black Friday and Christmas. Richardson also said that integrating Safecypher tech into the An Post Money App has led to a dramatic drop in CNP fraud.
Richardson noted a measurable increase in customer trust and confidence in using their card for online transactions and that customer transactions are now far more secure.
Safecypher’s CEO, Mark Phillips, notes that fraudsters are getting faster, smarter, and more automated and are estimated to have access to 80% of credit card details for sale on the Dark Web. Safecypher’s technology and use of Multi Factor Authentication makes stolen card data instantly worthless.
Safecypher’s Dynamic Security Code technology replaces the static CVV three-digit security code by generating a new dynamic code in real-time, exclusively visible for a limited time within the customer’s mobile banking app. This provides highly secure two-factor authentication for every payment, so that even if card details are compromised, authorization for a transaction cannot be completed without access to the cardholder’s device and banking app.
The 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, preventing losses benefits employees, shareholders, and customers. Safecypher requires a single Safecypher API to be connected in the issuer’s backend infrastructure, making it quick and easy to implement.
Safecypher’s solution prevents fraudsters from transacting using data acquired from the dark web or phishing.
An Post Money offers a suite of financial products including current accounts, savings, credit cards, and loans and is committed to providing secure and reliable financial services to its customers throughout Ireland.
Supporting industry sources include ClearlyPayments.com, FICO, Federal Reserve Board, LexisNexis Risk Solutions, McKinsey & Company, Merchant Cost Consulting, and U.S. Payments Forum.
John Rice, Financial Services Director at the Irish Post Office, +353 1 705 7000
Bruce Richardson, Head of Change & Development at An Post Money, +353 1 705 7000
Source: Safecypher
