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.