Beginning with January 2013, all Standard Chartered Online Banking or Breeze Mobile Banking users will use the Standard Chartered security token card as a new personal security device for higher-risk transactions such payments or transfers above a certain amount, adding third party payees, or changing personal details.
The newly introduced 2-in-1 device, which combines the functionality of a standard payment card with a security token, currently reflects the customers OTP. In future, this card could incorporate additional functionalities and be able to indicate other information such as available credit balance, loyalty or reward points, recent transactions.
The MasterCard Display Card, manufactured by NagraID Security, a US producer of multi-component cards for the security and identification industry, is similar to a regular credit, debit or ATM card, but features an embedded LCD display and touch-sensitive buttons which allow a cardholder to generate a One-Time Password (OTP) as an authentication security measure.
The MasterCard Display Card includes a built-in display allowing cardholders to generate one-time passwords. Card issuers are able to activate the one time password as a dynamic card verification code (CVC2) or as an on-card activation of MasterCard SecureCode which offers online security service against the unauthorized use of a consumer’s MasterCard card while shopping online.
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