Arcot, a leader in fraud prevention technology, announced an EMV authentication solution for MasterCard holders. ArcotOTP is a mobile application designed to lower the cost of providing EMV authentication and provides increased convenience for cardholders on the go.
ArcotOTP uses the Chip Authentication Program in its application which enables cardholders to authenticate themselves using existing EMV banking cards and a personal card reader. The Chip Authentication Program differs from standard authentication in allowing part of the transaction data to be included in generation of the password. This results in a unique signature for each cardholder transaction.
In addition to increased security for the cardholder, the ArcotOTP application gives customers the ability to make banking transactions from their mobile phone no matter where they are in the world.
ArcotOTP, available immediately, is compatible with the world’s leading mobile platforms including Apple iPhone, BlackBerry RIM, Google Android and Windows Mobile. It also works on most Nokia phones, and with most feature phones by Samsung, LG, Motorola and Sony Ericsson that are equipped with Java, MIDP 2.0 and CLDC 1.1.