Consumers use credit cards every day to make purchases either at a merchant's location or online via a secure website. SecureCard is a secure payment card that operates in nearly identical fashion to traditional credit and debit cards. The difference is that the SecureCard comes with an embedded computer chip and a new battery technology that uses identification authenticators to assign a token to a user. The token then generates a distinct and random personal identification code in the form on an OTP that is time- and event-based.
This new security enhanced payment card is based on the concept of combining an authentication token display on the card itself. At the time of the transaction, the consumer provides to the merchant the token generated by their authenticator (displayed on the electrophoretic screen of the card). The result is the OTP that is used to authenticate the customer. If the code is validated by the bank or credit card processing company's card payment security system, the purchase is authorized. If it is not recognized, the card purchase is denied.
In addition, if a merchant's database is compromised and a hacker discovers a credit card number, he will lack the card and will have no means to acquire the OTP to conduct the transaction. All cards are compliant with all of the 7816 standards of the ISO B10 requirements and the technology provides for multi-factor authentication, putting the SecureCard Technologies' payment card in complete compliance with the FFIEC's mandate for all financial institutions to adopt this form of merchant identification.
The proliferation of e-commerce has created a profitable fraud called phishing. Any e-mail user has likely received a phishing e-mail that appears to be from the individual's bank or other organization with which they do business. The e-mail often asks for credit card information as well as the pass code given for a transaction. With SecureCard, even if the consumer provides this information, it will be useless to the receiver as the pass code applies to only one transaction at one given time and is no longer valid to use with the card.
In this global, technological economy, SecureCard is the only card designed to address the fraud prevention needs of every financial institution, merchant and consumer. Financial institutions can significantly reduce insurance fees as a result of greater fraud protection; merchants no longer need to worry that the consumer can claim that they did not complete a transaction when the pass code provided with the transaction will prove that they did; and consumers can feel more secure shopping in a merchant's physical location and online as SecureCard provides the added layer of protection that they need to ensure their information is protected. For optimum protection in every situation, SecureCard is the only card you will ever need.