Innovative Card Technologies has developed the first technology of its kind – the InCard. The InCard is a password protected credit card with technology designed to prevent credit card fraud.
The self-powered card features an imbedded operating system that generates a one-time use passcode. With the press of a button on the card a battery, circuit and chip activate to create an algorthim-based password. The password is then displayed on the embedded display. A new code is generated each time the button is pressed and is only good for a limited amount of time.
The 8-digit password provides proof of possession by the card owner, especially with internet purchases. Verification of use by the actual cardholder is done via multi-factor authentication. For online transactions, cardholders must input their PIN, login name and the generated password to complete the transaction. Separate “modes” are also available for phone and ATM transactions.
The device recently won both the distinguished ‘Judge’s Choice’ and ‘Technical Achievement’ Élan Awards at the International Card Manufacturers Association(ICMA) Annual Card Manufacturing and Personalization Expo, held October 14-17 in San Diego.
