MasterCard Use Baltimore's PKI Technology in Online Fraud Solution
e-business security specialist Baltimore Technologies is to provide the public key infrastructure (PKI) for MasterCard International’s new SecureCode solution. SecureCode is a global e-commerce security tool designed to eliminate unauthorized use of confidential cardholder account data over the Internet. UNICERT, Baltimore’s flagship PKI product, will allow MasterCard to issue and manage digital certificates for its member financial institutions, providing enhanced payment guarantees for online transactions. UNICERT enables MasterCard to assure the authenticity of individual consumers (previously only the credit card number was validated). With SecureCode the individual purchaser is authenticated using both their credit card number and their SecureCode pin. Moreover, responsibility for SecureCode transaction will rest with the consumer – avoiding chargebacks to the online merchant. Recent research claims that as much as 84% of all ecommerce chargebacks are because the charge is repudiated – i.e. the cardholder denies making the transaction and refuses to pay, usually because for cardholder-not-present reasons.