Chip Authentication Program

This use is aimed at the virtual channels like Internet- and Telephone banking, but also e-Commerce and in a later phase Telephone Orders.
In just the same way customers use their CHIP and PIN for payment at POS terminals or retrieving cash from ATM, they now will be using their CHIP and PIN for authenticating themselves when using any of the virtual channels their bank is offering them.

Method:
Using an UnConnected Smart Card Reader with their Chip, the reader will demand for their PIN after inserting the chip card into the reader. The reader will use the card to generate a unique and dynamic password.
This unique password is the used together with the customers' UserID to become authenticated in the virtual channel.
These unique and dynamic passwords can be:

• One Time Passwords
• Challenge/Response passwords
• Host Authentication Passwords
• Signature Passwords

Applications:
Internet- & Telephone Banking, e-Commerce, Telephone Orders,...

Reasons for developing the Chip Authentication Program

Benefits:

• Operational cost savings
• Customer convenience & trust
• Marketing & Branding
• Multi channel integration
• Multi information device

Three distinctive methods can be used for generating a dynamic password using a card reader and a smart card:

• The EMV Payment application
• The additional EMV authentication application
• The Digipass authentication

Involvement of MasterCard and VISA

Europe, Middle East, Africa: +32 (0)2 609 9700
United States: +1 508 366 3400,
Asia/Pacific: +65 6323 0906
Australia: +61 2 8920 9666/+61 1800 468 376

Contact Details  / VASCO Worldwide