If you’re anything like me your credit card number has been stolen more than a few times. It’s beyond infuriating and while it doesn’t cost me anything, the inconvenience is surely worth something.
So hopefully NagraID Security’s new family of Mastercards will get rolled out any day now. Okay, so it will be years before we actually see these things in the marketplace, but much like those storage devices we’ve seen with a keypad, these cards could require you to punch in a pin before using it.
To prevent online purchase fraud a small screen, and perhaps even another level of authentication will be required to receive a one time pass code displayed on the card’s display located in the top right corner. The merchant’s site would be redirected to Mastercards verification page where the customer would be prompted to punch in the code before being able to complete the purchase. No card, then no purchase.
MASTERCARD and NAGRAID Security Introduce new Display Cards with Extended Features for Secure Banking Applications
NagraID Security developed a new family of MasterCard financial cards with integrated display screen allowing:
Optimized security for online transactions thanks to strong owner authentication
Display of the card balance on the card’s screen
La Chaux de Fonds, Switzerland, 10th June 2010 – NagraID Security, a subsidiary of the Kudelski Group (SIX:KUD), is pleased to announce that its families of display cards passed MasterCard’s (CSI – Card Structure & Integrity) approval process, thus demonstrating the required levels of durability, safety and compliance to ISO standards required for the commercial launch of banking cards and the introduction into MasterCard’s brand standards and rules.
The innovative Debit and Credit MasterCard Display Card looks and feels like a normal credit or debit card but comes with an additional small display and a button that enables card holders to use the same card for standard banking payment functionality and to generate second-factor one-time passwords (OTPs), thereby providing strong authentication.
The cards are very reliable and extremely simple to use. They offer optimal security to achieve banking transactions outside payment terminals using one single device.
This password generation technology complies with the requirements of MasterCard’s 3D Secure Chip Authentication Program (CAP). Optionally, a touch-sensitive keypad with twelve keys permits access to advanced functionality such as electronic signature and authentication modes, as well as to enhanced security features such as challenge-response applications and PIN code card protection.
Historically, banking institutions who protected access to their services with a One-Time Password required the use of a separate cumbersome token.
“Cards were born from cardboard, they’ve been ‘mag striped’ and ‘chipped’ and now we enter their silicon age, with an LCD display and touchpad opening up a multitude of possibilities. With NagraID’s recent achievements to demonstrate compliance to industry standards, the stage has well and truly been set to deliver the next generation consumer’s card proposition” says Eric Tomlinson, MasterCard Europe.
“This display card is designed to provide a very high level of security and reliability as well as ease of use. Users simply press a button to generate an OTP for secure access to their online services,” commented Philippe Guillaud, Executive Vice President and CTO of NagraID Security. He also added “The programmable nature of this platform makes it future proof and one can expect to see even more exciting and fantastic functionality in the near future.”
MasterCard directed promotional initiatives and large scale roll-outs will ensure that market price expectations are achieved. “As the world evolves towards increasing online and cashless transactions, the timing of our partnership with MasterCard is ideal, as it enables the growing security expectations of a rapidly expanding base of digital technology users to be quickly addressed via a secure, reliable and unified solution in a familiar and convenient form-factor.” said Cyril Lalo, President and CEO of NagraID Security