PITTSBURGH--(BUSINESS WIRE)--Please replace the caption with the accompanying corrected caption.
The release reads:
DYNAMICS INC. AND MASTERCARD INTRODUCE NEW INTERACTIVE PAYMENT CARDS WITH SIGNIFICANT SECURITY FEATURES TO PROVIDE CARDHOLDERS PEACE-OF-MIND
“Computer in a Card” Technology Enables MasterCard Issuers Globally to Introduce Unprecedented Level of Data Protection in First-Of-Its-Kind Cards
Dynamics Inc., an innovator in next-generation payment cards and systems, introduced security-enhanced interactive payment cards to global MasterCard customers at the Consumer Electronics Show in Las Vegas this week. The Dynamics technology will enable cardholders to experience near impregnable card security with three new interactive functionalities, including:
- Being able to turn the card on or off and only unlock it with a secret code
- Having a unique security code sent to the magnetic stripe for each in-store purchase
- Having a single use digital display code emitted for every online transaction
Dynamics’ cards include a thin computer circuit board enclosed within the plastic. The face of the card — featuring buttons, displays and LEDs — can be customized for multiple purposes. The cards are compatible with existing point-of-sale terminals as well as EMV and contactless card technology. Dynamics also pairs its interactive card technology with mobile applications for consumers to better manage their accounts in real-time.
The three distinct security options enabling these functionalities, include:
- Unlock Card Function: When the card is not in use, the account number is not shown on the face of the card and not provided on the magnetic stripe. The user must enter the custom unlocking code into a keypad on the card for the full account number to be displayed on its face for online purchases, or written to the card’s magnetic stripe for in-store purchases. Shortly after a transaction, the card turns off. The card cannot be used if it is lost or stolen without knowledge of the unlocking code.
- In-Store Dynamic Code Generation: At each purchase, a random dynamic CVC1 code is written to the card’s magnetic stripe. If a cardholder’s magnetic stripe data is acquired during a merchant breach, it cannot be used to produce a counterfeit card because each transaction creates a random and distinct code.
- Online Dynamic Code Generation: A random CVC2 code, commonly known as the security code, is shown on the digital display on the back of the card for each online purchase. The dynamic CVC2 code changes for every transaction, so consumer data is impervious to counterfeiting even if a merchant is compromised and the cardholder’s account data is stolen.
“Consumers rely heavily on payment cards and they can now be reassured that their cards will have increased security to protect their money and personal information,” said Jeff Mullen, Chief Executive Officer, Dynamics. “Dynamics technology enables MasterCard issuers to provide their cardholders with first-of-its-kind safeguards to ensure that only authorized cardholders have the ability to use a payment card, whether that transaction is in-store or online.”
The three security options are available immediately to MasterCard issuers as part of the business partnership the two companies formed last year.
“MasterCard is determined to offer consumers the best payment experience possible, anytime, anywhere and across all payment forms including interactive cards,” said Carlos Menendez, Group Executive, Global Consumer Products, MasterCard. “We are confident the innovation the Dynamics technology delivers will achieve this to the satisfaction of our issuers, our merchants and our cardholders.”
Note to CES Attendees: Jeff Mullen is available for interviews. Dynamics’ exhibit is located at CES Tech West (Sands Expo) -- Booth 74367. Contact Todd Hansen for 312-952-2580 for details.
About Dynamics Inc.
Dynamics Inc., founded in 2007 by Jeff Mullen, designs and manufactures intelligent battery-powered payment devices and advanced payment platforms. The company has currently launched products with banks in the United States and Canada and has won five Finovate Best of Show awards, two Cartes Sesames awards, a Best in Show award for Personal Electronics at the International Consumer Electronics Show (CES), and the $1M People's Choice Award at DEMO. Dynamics investors include MasterCard, CIBC, Adams Capital Management and Bain Capital Ventures. For more information, visit www.dynamicsinc.com.