NagraID Security, a Kudelski Group (SIX:KUD.S) company, MasterCard Worldwide and Symantec Corp. (Nasdaq:SYMC) have teamed up to introduce the MasterCard "Display Card," bringing strong authentication functionality on a payment card to the United States.
Recently piloted and launched in Europe and Asia, the "Display Card" complements existing card security features through the use of Symantec's VeriSign® Identity Protection (VIP) Authentication Service and NagraID Security card technology. By building this authentication technology into debit and credit cards, cardholders, issuers and merchants are further protected from online fraud and identity theft.
Complementary Card Security
The MasterCard "Display Card" looks and functions like the same magnetic stripe card consumers have relied on for the past 50 years, but features a built-in display that enables cardholders to generate dynamic one-time "passwords," providing strong authentication. The one-time password can be activated by card issuers as a dynamic card verification code (CVC2) or as an on-card activation of MasterCard SecureCode, an online security service to guard against unauthorized use of a consumer's MasterCard card while shopping online.
"At MasterCard, we're focused on activating new technologies to meet the evolving needs and concerns of cardholders and our customers," said Ed McLaughlin, Chief Emerging Payments Officer of MasterCard Worldwide. "The launch of the MasterCard 'Display Card' in the United States is a great example of strong collaboration with our partners to deliver a solution that helps make life easier for consumers by enabling simple and safe remote payments."
Leveraging World-Class Technological Advances
VIP Authentication Service is the leading cloud-based authentication service that enables enterprises to secure online access and transactions to help obtain compliance and reduce fraud risk. A fully hosted strong authentication Security as a Service (SaaS) solution, VIP Authentication Service is rapidly deployed and offers a cost-effective way to give legitimate users access to business resources, enterprise applications and online websites while tackling identity thieves and e-fraud cartels.
The NagraID Security display card has delivered significant technological advancements over the past several years. NagraID Security continues to lead the industry in smart card manufacturing having developed the highly reliable, affordable payment display card which achieves compliance with MasterCard's stringent card security and integrity (CSI) quality standards. Integrating Symantec's hosted strong authentication service, VIP Authentication Service, this new card provides a compelling business case for banks that rely on and trust MasterCard for their credit and debit card needs, to reduce fraud and streamline password management.
"We are pleased to be working with MasterCard and NagraID Security to help create a more secure online environment for MasterCard users who are transacting on the web," said Kerry Loftus, Senior Director of Product Management for User Authentication at Symantec. "By utilizing VIP strong authentication in their security ecosystem, MasterCard can now provide its customers with increased levels of security to help protect their identities every time they sign on to conduct online banking or any type of online transaction where their MasterCard card is accepted."
"After a highly successful adoption by Asian and European banks and their customers, we are thrilled to introduce the MasterCard display card to the U.S. market at the RSA Conference 2011. With Symantec and their cloud-based authentication service, banks can now easily and rapidly deploy the MasterCard display card to their clients," Cyril Lalo, CEO of NagraID Security. "As the world leader in online transactions, the U.S. is a great market for this new payment display card. The MasterCard display card will enable card issuers to fully step into the new era in card payments and strengthen their online services."