Though EMV chip technology adoption has enabled issuers to efficiently fight "card present" fraud, new security holes are still being found, like the "pre-pay-attack", which enables fraudsters to copy the EMV chip. It is well known that the magnetic stripe on the credit card can be easily copied and it is well known that static PIN-codes can be easily intercepted making fraud a major and global problem.
Our new innovative credit card can put an end to all these fraud problems simply be replacing the static PIN-code with a dynamic OTP generated by the cardholders fingerprint when making card payments in physical stores or when withdrawing money from an ATM.
An extra benefit of this approach will be that the cardholder does not have to remember PIN-codes anymore. This solution is fully transparent and holds the same advantages for the users, merchants and issuers (or their processors) as for Card-not-present transactions and the only thing that needs to be done in the back-end infrastructure is to synchronize a specific server with the algorithm rules defined in the credit cards.
We are confident that the cutting edge technologies developed by Cardlab and Quardlock will contribute to establish display cards with built-in biometric verification and OTP as a real gamechanger in the payment industry as a unique response to card-not-present transactions, card-present transactions and e-banking security.
It will without doubt become a worldwide standard for secure payments and financial transactions in general, helping to reduce fraud and improving end-user's trust for online payments, credit card payments and e-banking services.