Wave Systems Corp teamed up with chip lifecycle management solutions company, Bell ID, to provide a joint solution designed to decrease online payment frauds.
Wave said that the new technology will be marketed mainly to card issuing banks, as well as online merchants, governments and enterprises across the globe.
Using Bell ID’s Trusted Service Manager and Secure Element in The Cloud (SEiTC) server, as well as Wave’s ERAS for TPM management and Wave’s endpoint identity and monitoring expertise, the integrated offering claims to deliver better protection for transactions and stored payments.
Over the past several years, the cases of rate of card-not-present (CNP) fraud have grown steadily, according to a recent FICO Banking Analytics Blog, with the CNP fraud accounting for nearly half of all credit card fraud.
Countries that have already adopted the EMV card specification have witnessed CNP fraud rates increase. It is also believed that CNP fraud will increase significantly over the next 18 months in the US, as the EMV standard is put into effect.
The EMV directive will make merchants liable for any fraud resulting from transactions on systems that are not EMV-capable.
Wave Systems CEO Bill Solms said, "Wave’s robust product portfolio is very complementary to Bell ID’s strongly positioned solution set in the financial services market.
"We see the EMV transition creating high demand for more secure transaction capabilities, and are confident that together we can provide financial institutions with a comprehensive solution for payment authorization and storage."
Headquartered in Rotterdam, the Netherlands, Bell ID develops chip lifecycle management software that enables banks, governments and enterprises to issue and manage credentials on mobile near-field communications (NFC) devices and EMV smart cards.