FinTechCyber Security & FraudCardSwitch and OpenCard Partner on Payment Security

CardSwitch and OpenCard Partner on Payment Security

CardSwitch Technology and OpenCard have signed a partnership agreement that will allow OpenCard to market the CardSwitch payment security solutions.

The CardSwitch system prevents fraud that results from card skimming. The technology enables cardholders to put an electronic lock and key on their card accounts, making it futile for hackers and fraudsters to skim cards. When a cardholder decides that his card will not be used for any ATM transaction abroad, he can lock his card account, making it impossible for fraudulent out of country ATM transactions to occur. The same control can be applied to card-not-present transactions, out of country card payments and local ATM transactions.

Cardholders can then unlock their card accounts for these types of transactions before they want to use their card and can specify particular limits, such as which countries the card will be used in, period of time, number of transactions, and more. These parameters, called ‘cardholder user limits’ can be set by simply sending an SMS command with a mobile phone, calling an automated voice response system, or via the Internet.

OpenCard currently has customers in Colombia, Costa Rica, Puerto Rico, Venezuela, Panama and the US. “We are excited to bring the CardSwitch Technology solutions to our customers in the Latin America market to enhance the security of their card offering,” said Alvaro Ortega Mejia, sales and marketing manager for OpenCard.

Related Articles

Get off my cloud: protecting sensitive cloud environments from cyber threats

Cyber Security & Fraud Get off my cloud: protecting sensitive cloud environments from cyber threats

2w Anurag Kahol
Is crypto-jacking the next big cyber-threat to organizations?

Cyber Security & Fraud Is crypto-jacking the next big cyber-threat to organizations?

4w Max Heinemeyer
Five considerations for stopping sophisticated cyber attacks

Cyber Security & Fraud Five considerations for stopping sophisticated cyber attacks

1m Simon Wiseman
Payment security: how to systematically eliminate cyber crime and fraud

Cyber Security & Fraud Payment security: how to systematically eliminate cyber crime and fraud

2m Alexander Schächtele
52% of Europeans are open to federated identification, survey finds

Cyber Security & Fraud 52% of Europeans are open to federated identification, survey finds

2m The Global Treasurer
Battling counterfeiters with the blockchain

Cyber Security & Fraud Battling counterfeiters with the blockchain

2m Adrian Clarke
Why working in silos is a killer when battling financial crimes

Cyber Security & Fraud Why working in silos is a killer when battling financial crimes

2m Andrew Simpson
P2PE’s role in advancing payment security

Cyber Security & Fraud P2PE’s role in advancing payment security

6m Ruston Miles