Regional sites:
Specialized sites:
During an online transaction, the cardholder transmits this OTP to the issuing bank who is then in a position to verify the OTP using its EMV back-end authentication system. This constitutes dynamic two-factor authentication (2FA) on the base of something you have and something you know. Handheld readers have been distributed to tens of millions of cardholders in Europe and Asia.
When these devices are used, online banking fraud has experienced significant reduction.
It is worth noting that weak authentication in the non-face-to-face world is
at the root of much of the negative news on data breaches and identity thefts.
Indeed,
identity theft has ranked first among complaints to the U.S. Federal
Trade Commission for 11 consecutive years, with 1.34 million in 2010, twice as
many as in the next category, which is debt collection. Much of that theft could
be avoided if authentication in non-face-to-face situations would not only be
based on something you know (i.e. something could be stolen from a database) but
would be made much stronger by, for example, using OTPs generated by EMV cards.
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Protect e-banking services using the payment card
Gemalto offers a range of readers for securing online transactions using the smart payment card.
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