MasterCard, Symantec And NagraID Security Team Up To Provide Further Payment Card Security Features
La Chaux-de-Fonds, Switzerland, Purchase, N.Y. and San Francisco, C.A. - RSA Conference Booths #1316 and 2037 – NagraID Security, a Kudelski Group (SIX:KUD.S) company, MasterCard Worldwide and Symantec Corp. (Nasdaq: SYMC) have teamed up to introduce the MasterCard® “Display Card,” bringing strong 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.
Complementary Card Security
The MasterCard “Display Card” looks and functions like the same magnetic stripe card consumers have relied on for the past 50 years, but features a built-in display that enables cardholders to generate dynamic one-time “passwords,” providing strong authentication. The one-time 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.”
Leveraging World-Class Technological Advances
VIP Authentication Service is the leading cloud-based authentication service that enables enterprises to secure online access and transactions to help obtain compliance and reduce fraud risk. A fully hosted strong authentication Security as a Service (SaaS) solution, VIP Authentication Service is rapidly deployed and offers a cost-effective way to give legitimate users access to business resources, enterprise applications and online websites while tackling identity thieves and e-fraud cartels.
The NagraID Security display card has delivered significant technological advancements over the past several years. NagraID Security continues to lead the industry in smart card manufacturing having developed the highly reliable, affordable payment display card which achieves compliance with MasterCard’s stringent card security and integrity (CSI) quality standards. Integrating Symantec’s hosted strong authentication service, VIP Authentication Service, this new card provides a compelling business case for banks that rely on and trust MasterCard for their credit and debit card needs, to reduce fraud and streamline password management.
“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 web,” 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 at the RSA Conference 2011. 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.”
About NagraID Security
NagraID Security SA, a subsidiary of the Kudelski Group, produces multi-component and other complex cards for the security and identification industry. NagraID Security’s Research and Development Team combine international experts having broad experience in security, cryptography, electronics, material sciences and manufacturing. NagraID Security provides advanced design, development, and industrialization capabilities for innovative authentication solutions.
NagraID Security holds international patents for a non-violent lamination process used for embedding sensitive, electronic components into card and other form-factors. NagraID Security operates under the strict security guidelines of NagraID SA, an EMV-certified card manufacturing and personalization facility. Please visit www.nidsecurity.com for more information.
About The Kudelski Group
The Kudelski Group (SIX: KUD.S) is a world leader in digital security and convergent media solutions for the delivery of digital and interactive content. Its technologies are used in a wide range of services and applications requiring access control and rights management to secure the revenue of content owners and service providers for digital television and interactive applications across broadcast, broadband and mobile delivery networks. The Kudelski Group is also a world technology leader in the area of access control and management of people or vehicles to sites and events. It additionally offers professional recorders and high-end Hi-Fi products. The Kudelski Group is headquartered in Cheseaux-sur-Lausanne, Switzerland. Please visit www.nagra.com for more information.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2009, $2.5 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 22 billion transactions each year, has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews
Symantec is a global leader in providing security, storage and systems management solutions to help consumers and organizations secure and manage their information-driven world. Our software and services protect against more risks at more points, more completely and efficiently, enabling confidence wherever information is used or stored. More information is available at www.symantec.com
Symantec, the Symantec Logo, and the Checkmark Logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the U.S. and other countries. VeriSign, VeriSign Trust and other related marks are the trademarks or registered trademarks of VeriSign, Inc. or its affiliates or subsidiaries in the U.S. and other countries and licensed to Symantec Corporation. Other names may be trademarks of their respective owners.
Forward-looking Statements: Any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Symantec, and may or may not be implemented and should not be considered firm commitments by Symantec and should not be relied upon in making purchasing decisions.
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