Payment solutions provider FiTeq Technologies
has launched a payment card that incorporates an approved EMV
payment applet which enables a cryptogram to be created within the
magnetic stripe data packet for each transaction.
FiTeq said this solution will ensure dynamic
authentication when the card is used at EMV terminals or legacy
magnetic stripe terminals.
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Dynamic authentication is used to safeguard
cardholder data by making it valid for only one transaction,
immediately expiring afterwards which aims to thwart
fraudsters.
“As payment card fraud continues to grow in
recent years, solutions have focused on card technologies requiring
new terminals. It is no longer a matter of “if” EMV will be
adopted, but “when” it will be adopted. In this time of
transition, a bridging technology can ease the transition to EMV
while accelerating the usage of dynamic authentication, regardless
of reader type.” said Joan Ziegler, CEO of FiTeq.
“Our mission when developing this card was to
bring dynamic authentication to all terminals globally.
FiTeq’s bridging technology enables dynamic authentication whether
the card is read at traditional magnetic stripe terminals or EMV
terminals.”
FiTeq’s cards are battery powered and feature
an EMV approved chip to further secure for consumer’s identity.
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