COLOMBES, France - Wednesday, September 3rd 2014 [ME NewsWire]
(BUSINESS WIRE) Oberthur Technologies (OT), a world leader in digital security solutions for the mobility space, today announced that it has completed its acquisition of NagraID Security.
Founded in 2008 by Philippe Guillaud and Cyril Lalo and located in Switzerland, the USA and France, NagraID Security is the inventor and undisputed global leader of display cards; payment cards integrating a miniature screen, battery and keyboard. NagraID Security technology is already deployed within some of the world’s largest banks around the world. NagraID Security will continue to support its current distribution network and will be part of OT’s Payment Business Unit run by Eric Duforest.
The patented display card technology developed by NagraID Security enables significantly more secure and convenient online transactions for end customers that will transform the payment card industry thanks to:
One Time Password (OTP), a dynamic password valid for a unique authentication displayed on the front of the payment card, a perfect answer to address skyrocketing e-banking services fraud and the vulnerability of static passwords
Dynamic card verification value (DCVV), a dynamic 3 or 4-digit security code usually displayed on the back of payment cards, which addresses the critical need to efficiently secure e-commerce payment services. This solution enables quick adoption by the cardholder since it does not require any specific enrolment process or any changes in merchant infrastructure, so that Banks can immediately deploy it on their own initiative to block the growth of fraud.
This technology is a perfect add-on to OT’s products and services in the field of payments and identification. OT has been contributing for the last 30 years to enhance the secure payment and identification markets by providing state-of-the-art technologies such as EMV, contactless technology as well as a wide range of products, solutions and services. With EMV technology being adopted everywhere in the world, fraud is shifting to transactions made online. Financial Institutions need to protect their customers, as well as their reputation and brand image, from fraud and security breaches by properly authenticating them for cloud services such as e-commerce and e-banking.
OT’s industrial and geographical sales coverage will enable rapid deployment of this technology so that it becomes a worldwide standard for secure payment, helping to reduce fraud and improving end-user’s trust for online payments and services. In order to accelerate even further its adoption worldwide, OT will also propose this technology to other actors in the payment market, by selling components or through licensing.
“The acquisition of NagraID Security is an important step for OT in its plan to maintain leadership on its markets. We are confident that the cutting edge technologies developed by this company, combined with OT’s capabilities and portfolio of blue-chip clients, will contribute to establish display cards as a real game-changer in the payment market. The move we have made today is about enabling next generation smartcard deployment and is a unique response to card non-present transaction security,” said Didier Lamouche, President and CEO of OT.
ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in digital security solutions for the mobility space. OT has always been at the heart of mobility, from the first smart cards to the latest contactless payment technologies which equip millions of smartphones. Present in the Payment, Telecommunications and Identity markets, OT offers end-to-end solutions in the Smart Transactions, Mobile Financial Services, Machine-to-Machine, Digital Identity and Transport & Access Control fields. OT employs over 6 000 employees worldwide, including close to 700 R&D people. With more than 50 sales offices across 5 continents and 10 facilities, OT’s international network serves clients in 140 countries. For more information: www.oberthur.com
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FTI Consulting Strategic Communication
Guillaume Granier / Eric Fohlen-Weill, +33 1 47 03 68 10