Nordea to implement Chip and PIN for online shopping
09 July 2007 | 5958 views | 0
Scandinavian banking group Nordea has contracted with Arcot Systems to support the implementation of Verified by Visa and MasterCard SecureCode with Chip and PIN authentication for customers shopping online.
Nordea inked a deal with Swedish security vendor Todos Data System in June for the supply of over a million portable smart card readers for secure Internet banking.
Arcot's TransFort system will additionally be used in conjunction with the bank-issued smart cards and readers to authenticate customers when paying online.
The extension of the system to the card scheme's 3-D Secure shopping standard marks the first time a bank will use chip and PIN authentication for both online payment and banking, says the vendor.
Arcot's authentication system is compliant with the MasterCard Chip Authentication Program (CAP) 2007 standard and Visa's Dynamic Passcode Authentication for EMV chip-based OTP applications.
Elis Nemes, vice president Europe, Middle East and Africa for Arcot Systems, comments: "Sweden has one of the highest consumer adoption rates for online shopping and Internet banking in the world, and the e-security solutions adopted by this country are amongst the world's most robust, sophisticated and advanced. We believe that Nordea will set an example how to gain additional card holder protection in a convenient and efficient way, which many banks in Europe will follow."