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Thursday July 08, 12:49
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Barclaycard Issuing Readers For Authentication
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Barclaycard, by equipping 5,000 credit and debit cardholders with pocket-sized card readers, is looking to its EMV investment to provide two-factor authentication for online and remote transactions. With 35 to 40 per cent of all credit card losses deriving from ‘card-not-present’ transactions, Barclaycard’s readers will make online transactions as secure as face to face, or card-present transactions. Apart from using the reader to securely access online banking services, cardholders can generate a one-time dynamic password for telephone or Internet purchases instead of revealing the PIN for their card to the merchant.
MasterCard and BarclayCard have for some time tested the authentication program, which needed to provide a high level of security, be low-cost and multi-channel to work in a card-not-present environment. Now that UK cardholders are receiving chip-based credit and debit cards from their banks, analyst Andrew Kellett, of the Butler Group, believes the readers will appeal to frequent online shoppers while Barclaycard’s David Taylor expects more consumers to shop online. Merchants that plug the solution into their payment systems will not be liable for any card fraud, as the cardholder will have been authenticated.
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