Arcot first to
extend MasterCard’s Chip Authentication Program (CAP) to mobile phones
Sunnyvale, Calif. – Jan. 13, 2010 -- Arcot today announced
a new EMV authentication solution for cardholders to authenticate “Card Not Present”
transactions using their mobile phones. This new solution -- ArcotOTP -- lowers
the cost of providing EMV authentication and increases the convenience for
cardholders on the go.
ArcotOTP can be used by the hundreds of
millions of EMV cardholders and allows them to use their mobile phones to
secure e-banking, e-commerce, telephone orders or a whole host of other transactions
where the customer is not face-to-face with the bank or merchant. The new
ArcotOTP mobile application, combined with the Chip Authentication Program
(CAP) solution from MasterCard,
increases security, reduces the risk of fraud and makes it easy for cardholders
to shop or bank online no matter where they are in the world.
The ArcotOTP mobile solution extends
the range of devices available for MasterCard CAP authentication and provides customers
with the ability to authenticate with an application that runs on their mobile
phones. Because ArcotOTP is compliant with MasterCard CAP, it can be used in
conjunction with other EMV authentication devices. For instance, a consumer may
authenticate with a personal card reader at home but use the mobile ArcotOTP
while on the go.
Now that an EMV authentication solution
is available on a mobile phone, cardholders do not have to carry an extra hardware
device to authenticate their e-banking or e-commerce transactions. With this
latest solution from Arcot, the mobile phone can be used in place of the card
reader to generate the single-use password, making it convenient for commuting
or traveling.
The Chip Authentication Program (CAP)
solution from MasterCard allows cardholders to authenticate themselves using
their existing EMV banking cards and a personal card reader or the ArcotOTP
mobile application issued by their banks. The reader or ArcotOTP application generates
a single-use password that can be used for “Card Not Present” transactions. Unlike
a standard authentication token or paper-based system, CAP allows part of the
transaction data to be included in generation of the password – resulting in a
unique signature for each cardholder transaction which is a major leap forward
in the prevention of man-in-the-middle attacks, a growing problem in e-banking
and e-commerce.
“Arcot’s goal is to provide solutions
that make it easy for businesses and consumers to reduce fraud. Our latest
offering, ArcotOTP, is a breakthrough in convenience. Cardholders can now use
their mobile phones with MasterCard CAP to protect themselves when shopping or
banking online. Financial institutions can deploy this protection to more
customers without having to issue cumbersome card readers that can be lost or
broken resulting in additional cost,” said Ram Varadarajan, President and CEO of Arcot Systems, Inc. “Arcot
has a long history of partnering with MasterCard to provide increased security
in ‘Card Not Present’ transactions.”
With its patented “cryptographic
camouflage” key-concealment technology, Arcot has created a way to provide
protection for “Card Not Present” transactions on the mobile phone while
remaining fully compatible with the existing EMV infrastructure.
“Innovative partners such as Arcot play
a key role in achieving MasterCard’s vision of secure, convenient commerce and
banking available on PCs and mobile phones,” said Art Kranzley, chief emerging
technology officer, Advanced Technology, MasterCard Worldwide. “The ArcotOTP mobile authentication
application allows us to expand the choices available to our customers for protecting
online financial transactions from internet theft and fraud. This application also increases the
value that EMV brings to merchants, financial institutions and consumers
worldwide.”
ArcotOTP is available immediately and works
on the world’s leading mobile platforms including Apple iPhone, BlackBerry RIM,
Google Android and Windows Mobile. The ArcotOTP solution also works on most
Nokia phones, and with most feature phones by Samsung, LG, Motorola and Sony
Ericsson that are equipped with Java, MIDP 2.0 and CLDC 1.1.
About MasterCard Worldwide
MasterCard Worldwide advances global
commerce by providing a critical economic link among financial institutions,
businesses, cardholders and merchants worldwide. As a franchisor, processor and
advisor, MasterCard develops and markets payment solutions, processes
approximately 21 billion transactions each year, and provides industry-leading
analysis and consulting services to financial-institution customers and
merchants. Powered by the MasterCard Worldwide Network and through its family
of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves
consumers and businesses in more than 210 countries and territories. For more
information, go to www.mastercard.com.
About Arcot
Arcot is the Cloud Authentication
Leader. Our solutions make Web transactions and online access safe for over 70
million consumer, enterprise, and e-Commerce users. Organizations can
transparently protect their users from fraud without requiring expensive
hardware. Arcot fraud prevention, strong authentication, and e-Document
security solutions can be deployed with software-as-a-service (SaaS), internal
or mobile applications delivering the right balance of cost, convenience and
strength. Arcot SaaS offerings are
hosted in our SAS 70 certified, PCI DSS-Compliant Data Center. For more information, go to
www.arcot.com.
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Contacts |
|
Corinne
Raes MasterCard Europe +32-2-352 5237 or +32-498-58 5237 Carol Alexander
Arcot Systems, Inc. +1-408-969-6174 or +1-650-576-8740 |
