swIDch has launched its authentication solutions, which are designed for banks and financial institutions, into the US market.
The company has built security and identity management services which aim to eliminate CNP fraud. Its inaugural product was the SSenStone, a two-way dynamic key matching algorithm.
SwIDch has build a dynamic one-time authentication code algorithm for payment cards which empowers payment companies to generate dynamic primary account numbers in a network-less environment. The algorithm aims to remove challenges brought through by card-not-present fraud where details have been stolen through cyberattacks such as phishing.
Its algorithm combines three pieces of information: a public ID, a secret ID and the time. The public ID is not encrypted, while the secret ID is. These elements are combined with time to generate a single number which can split into a card number, card expiry data and card verification code (CVC). These numbers do not clash as the public ID never changes and the time is the same for everyone.
swIDch credit cards have no card numbers for physical transactions and for online payments the card holder simply touches the card to their smartphone to display the one-time dynamic PAN.
As part of the new launch, the company has named Alvin Mayers as the leader for the move, where he will focus on developing relationships and partnerships with North American banks and financial institutions.
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