Powered Card Solutions, LLC (PCS), the industry leader and innovator in powered display card products, today announced the availability of its embedded technology for use in secure debit and credit cards.
This technology embeds electronics, a SolicoreTM thin-film battery and a display within a credit or debit card to generate unique rolling passcodes that can prevent high-profile card security breaches recently experienced at Target, Marriott, Neiman Marcus, Michaels, as well as Hilton, Sheraton and Westin. By capturing static card holder data, a fraudster can create a duplicate card or authorize a fraudulent transaction. PCS’s solution protects consumers from fraud by generating a rolling security code. The embedded display in the credit or debit card shows a unique number for verification of each and every transaction. As a result a defrauder can have the card number and key personal information, but they will not know the ever-changing security code required to authenticate a transaction. This solution combined with the highly secure chip technology, creates a powerful combination that can eliminate consumer’s fear of using their credit card and/or debit card online, over the phone or at point of sale.
“They could have stolen the numbers but couldn’t have done anything with them because the one-time passcode changes for every transaction.”
“We could have prevented the broad-scale fraud that just recently occurred at Target if they were using a financial transaction card with a rolling passcode,” says PCS’s Managing Director Dave Corey. “They could have stolen the numbers but couldn’t have done anything with them because the one-time passcode changes for every transaction.”
PCS’s solution has taken security to the next level by making each transaction unique by providing a code that once used is never duplicated. This solution is effective at point-of-sale terminals & ATMs, yet crucially; it is an ideal tool for protecting card-not-present transactions such as Internet and over-the-phone purchases, by requiring the card holder to input the correct ever changing code. Without the correct passcode the transaction is denied.
According to a recent Fed study of card payment activity in the US, the total number of unauthorized transactions (third-party fraud) during 2012 was an estimated 31.1 million, with a total transaction value of $6.1 billion. This is an increase of roughly 10% from 2011. The level of fraud is expected to exceed $10 billion by 2015 per The Nilson Report.