Two-factor authentication and secure one-time passwords created in new token

News by SC Staff

Cryptocard has launched the CD-1 credit card display token.

Cryptocard has launched the CD-1 credit card display token.

 

It is a traditional payment card that combines Cryptocard's technology to produce secure one-time passwords using two-factor authentication technology.

 

Designed for both banking and retail applications, it reduces the number of devices that need to distributed to customers, and offers the ability to secure on-line transactions as well as on-line access to portals.

 

It aims to address problems with card-not-present fraud, phishing and identify theft, as it will attempt to reduce need for additional devices or processes to gain access to on-line accounts or carry keypad devices.

 

Cryptocard said: “For retailers the problem to be addressed is securing loyalty card sites or on-line portals where confidential information may be stored.  In our experience over 90 percent of the on-line retail portals we are familiar with use traditional password based security.  The CD-1 removes all of these barriers for banks and retailers alike.

 

“We are integrating the device into multi-channel banking environments as opposed to a simple on-line/web banking applications approachm and are currently working with some of our existing customers to use the device for telephone/call centre and business banking channel applications.

 

“The token itself supports Cryptocard's highly flexible options in terms of PIN and OTP number complexity – where, rather than the traditional four characters, it is possible for a bank to use six or eight digit PINs to increase security.”

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