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An Online Security Fix For Banks: A Credit Card
Doug Caverly
Staff Writer
2006-08-02
 Insider Reports RSS Feed
U.S. banks have to meet federal guidelines regarding online security, and they have to do it by December 31, 2006. A number of banks seem wholly unprepared. Innovative Card Technologies believes its product - a password-generating chip inside a credit card - is the solution.
CNET's Joris Evers interviewed Alan Finkelstein, InCard's chief executive officer, for an article on the company. Evers was fair, however, mentioning that InCard's "technology competes with tokens, such as those sold by RSA Security, Vasco and VeriSign."
Finkelstein spoke about the advances his company has made in comparison to some others. "The current tokens are clumsy and can only do one thing well, issue the one-time password," he said. "Our card can be your credit card, your employee ID card and give you access to buildings."
This "Display Card with Additional Information" still falls under the "Future Products" category on the InCard website. That could make it difficult to meet banks' end-of-year deadline. Whenever it comes out, though, it should be rather interesting.
There will be a "display screen right on [the] card," according to InCard, and the Display Card "can be designed to show prepaid balance, loyalty and/or travel points, and transactions from debit card."
It might seem strange that credit cards, and not computers or networks, would become a focus of online security. This is because the federal guidelines aren't at all specific about what sort of authentication banks should implement. In that sense, InCard's products have a good chance of being picked up.
Maybe even better than "good." "InCard is well-connected in the banking world," Evers wrote, and "about a year and a half from now, InCard expects 5 million of its cards to be in use."
Tag: Innovative Card Technologies
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About the Author:
Doug is a staff writer for SecurityProNews, InternetFinancialNews, SearchNewz, and WebProNews.
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