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.

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