SCM Microsystems Launches myEMV Reader for MasterCard Chip Authentication Program

Thursday 18 March 2004 09:55 CET | News

SCM Microsystems has launched myEMV, a sleek, two-factor authenticator designed for use with EMV smart bankcards and the MasterCard Chip Authentication Program (CAP).

SCM will market the terminals to banks and their systems integrators in countries migrating to EMV. myEMV is a battery operated smart card reading device with a display and keypad for entering PIN codes. It is only slightly larger than a credit card, with a highly stylized design featuring an oval shape and perimeter key placement. The device generates a One Time Password or Transaction Authentication Number for the authentication of online transactions such as e-commerce or e-banking. When a smart bankcard is inserted, the cardholder is prompted to enter his or her PIN. The reader then generates the one-time transaction authentication code, which the cardholder enters when making an online purchase using a standard Internet browser. The authentication data is transferred across the network and validated by the issuer, providing a type of card-present verification method for online transactions. Because it is entirely offline and not connected to any PC, myEMV is easy for consumers to set up and use and it is totally platform independent. Since the security lies in the smart card, every reader is identical without the need for personalization, making it a cost efficient and easy to-distribute solution. When used with the MasterCard CAP program, the combination of the smart EMV bankcard and the reader creates a strong authentication tool for e commerce, e-banking or any Web-based application where secure authentication is required. Consumers benefit from higher personal security for Internet payments and on-line banking. Web merchants get a payment guarantee, and a guaranteed identity of the user to aid in disputes. Issuers can reduce fraud and improve cardholder acquisition and retention. Banks that are already issuing paper-based Transaction Authentication Numbers (TANs) can also reduce operating expenses associated with the issuing and tracking of these numbers. myEMV conforms to the 3DS-CAP specification. Designs can be customized to carry corporate logos and custom coloring to suit specific client requirements. myEMV is based upon the same platform as the EasyTAN reader, SCMs solution for generating TANs for EMV (Europay, Mastercard, VISA) chip cards based on the SECCOS (Secure Chip Card Operating System) software platform.

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Categories: Payments & Commerce | Payments General
Countries: World
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