MasterCard Boosts Security in its Payment Cards
NagraID Security, a Kudelski Group company, MasterCard Worldwide and Symantec Corp. have teamed up to introduce the MasterCard Display Card, which brings stronger authentication functionality on a payment card to the United States.
Recently piloted and launched in Europe and Asia, the Display Card complements existing card security features through the use of Symantec’s VeriSign Identity Protection (VIP) Authentication Service and NagraID Security card technology. By building this authentication technology into debit and credit cards, cardholders, issuers and merchants are further protected from online fraud and identity theft.
The Display Card looks and functions just as the same magnetic stripe card consumers have relied on for the past 50 years, but it features a built-in display that enables cardholders to generate dynamic onetime “passwords,” providing strong authentication. The onetime password can be activated by card issuers as a dynamic card verification code (CVC2) or as an on-card activation of MasterCard SecureCode, an online security service to guard against unauthorized use of a consumer’s MasterCard card while shopping online.
“At MasterCard, we’re focused on activating new technologies to meet the evolving needs and concerns of cardholders and our customers,” said Ed McLaughlin, chief emerging payments officer of MasterCard Worldwide. “The launch of the MasterCard Display Card in the United States is a great example of strong collaboration with our partners to deliver a solution that helps make life easier for consumers by enabling simple and safe remote payments.”
“We are pleased to be working with MasterCard and NagraID Security to help create a more secure online environment for MasterCard users who are transacting on the Wb,” said Kerry Loftus, senior director of product management for user authentication at Symantec. “By utilizing VIP strong authentication in their security ecosystem, MasterCard can now provide its customers with increased levels of security to help protect their identities every time they sign on to conduct online banking or any type of online transaction where their MasterCard card is accepted.”
“After a highly successful adoption by Asian and European banks and their customers, we are thrilled to introduce the MasterCard display card to the U.S. market. ... With Symantec and their cloud-based authentication service, banks can now easily and rapidly deploy the MasterCard display card to their clients,” Cyril Lalo, CEO of NagraID Security. “As the world leader in online transactions, the U.S. is a great market for this new payment display card. The MasterCard display card will enable card issuers to fully step into the new era in card payments and strengthen their online services.”