CardSwitch Technology Limited and OpenCard S.A. recently signed a partnership agreement which will allow OpenCard to market the CardSwitch payment security solutions.
The CardSwitch system prevents fraud that results from card skimming. CardSwitch Technology offers a system that is the only really effective method to deflect the increase in card fraud while guaranteeing an excellent quality of service to cardholders. The technology enables cardholders to put an electronic lock and key on their card accounts, making it futile for hackers and fraudsters to skim cards. When a cardholder decides that his card will not be used for any ATM transaction abroad, he can lock his card account, making it impossible for fraudulent out of country ATM transactions to occur. The same control can be applied to card-not-present transactions, out of country card payments and local ATM transactions.
Cardholders can then unlock their card accounts for these types of transactions before they want to use their card and can specify particular limits, such as which countries the card will be used in, period of time, number of transactions, and more. These parameters, called "cardholder user limits" can be set by simply sending an SMS command with a mobile phone, calling an automated voice response system, or via the Internet. Cardholders can lock or unlock their card accounts 24 hours a day, seven days a week.
OpenCard currently has customers in Colombia, Costa Rica, Puerto Rico, Venezuela, Panama and the United States. "We are excited to bring the CardSwitch Technology solutions to our customers in the Latin America market to enhance the security of their card offering," stated Alvaro Ortega Mejia, Sales and Marketing Manager for OpenCard S.A.
The rise in instances of card related fraud across the world is a concern. The joint marketing efforts have begun in Colombia this month and will continue into other Latin American countries later in 2009. OpenCard's solutions are the dominant solutions in the Financial Industry in Colombia, encompassing 58% of the total active cards in this market.