As part of the MasterCard Chip Authentication Program, Banka Koper has issued its retail and commercial customers with MasterCard’s OneSmart cards, a next generation chip and PIN credit or debit card that contains EMV standards-based security technology. Customers wanting to shop or access their bank accounts online can use the card to authenticate themselves by inserting it into a portable reader and inputting the PIN, which generates a one-time only password that the user can type into the web page.
The goal of the scheme is to provide a co-dependent two-factor authentication process that reduces the fraudulent use of stolen cards and deters identity phishing attacks, which occur when imposters post false online messages that attempt to lure people to bogus websites where they are asked to enter personal information.
nCipher said its payShield hardware security module (HSM) will support the initiative by securing the host side authentication mechanisms on behalf of the card issuer. This, according to the company, enables the issuer to better validate its customers as they use its services by authenticating them prior to the transaction.
For a card authentication solution to be truly effective in a non face-to-face environment, it has to offer a high level of security, and be low-cost and consistent across multiple channels, said Fikret Ates, vice president, chip product management at MasterCard. nCipher’s payShield plays an important role in the MasterCard Chip Authentication Program enabling us to offer an online experience that is both safer and fast and can therefore help issuing banks greatly reduce the effects of phishing attacks and online credit card fraud.
