NXT-ID reveals credit card fraud prevention initiative: Checkout with Wocket

Wednesday 8 January 2014 08:59 CET | News

NXT-ID, a biometrics company, has revealed its ‘Checkout with Wocket’ initiative, which uses patent-pending dynamic pairing technology (DPT) to prevent credit card fraud.

The initiative is aimed at securing all payment card information before, during and after transactions without changing the existing current payment infrastructure.

The ‘Checkout with Wocket’ initiative is built upon the principle of making that data useless in the case of a data breach. With this technology, if someone gained access to a credit card number used with a Wocket smart wallet, it would not work if sold or used outside of the Wocket itself, rendering it completely useless to a hacker.

Wocket smart wallet generates a dynamic account number that reveals no information about the actual account number, but is ‘dynamically paired’ to a specific account number so that a transaction can take place without uprooting the retailers existing infrastructure. Since the Wocket uses standard magnetic stripe technology on its reprogrammable card, no additional hardware at the retailer level is required.

NXT-ID is focused on the growing m-commerce market, launching its innovative MobileBio suite of biometric solutions that secure consumers mobile platforms.

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Keywords: NXT-ID, Checkout with Wocket, credit card, fraud prevention
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime