The authentication of cardholders during virtual transactions is one of the biggest challenges facing the banking industry, and it fosters the further growth of e-commerce and electronic banking. Successful verification of cardholders is of paramount importance in todays world of virtual transactions. Today, cardholder denial is the major reason given for fraudulent, non face-to-face payment transactions. As part of its global MasterCard SecureCode initiative, MasterCard created the Chip Authentication Programme (CAP), which is designed to build on the ease of use and security of an EMV-compliant smart card for authentication through a users PC. AOS-Hagenuk developed its PocketID for use with MasterCard SecureCode, offering an un-connected personal smart card reader with an embedded identification and authentication application that is compliant with MasterCards CAP specification. With this addition to the PocketID Family, AOS-Hagenuk continues to expand on the more than two million cardholders in Europe who already use PocketID devices for domestic authentication applications. How the Solution Works The cardholder logs on to an e-banking or e-commerce site. The cardholder inserts the smart card into the PocketID reader and enters a PIN, similar to the use of PINs at ATMs or POS terminals. The PocketID then displays a dynamic one-time password, which the cardholder passes to the e-banking or e-commerce server. This password serves to authenticate the cardholder at the time of the transaction, and can also provide a cryptographic signature for the main transaction data elements in an e-commerce transaction. This new solution provides a trustworthy, cost-effective global means of authenticating cardholders in non-face-to-face environments by leveraging the high-level security of MasterCard M/Chip, MasterCard’s credit and debit application for smart cards.
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