November 3, 2008 Digital security provider Gemalto has unveiled the Ezio Thin Reader, a credit card-sized authentication device for online banking, e-commerce, phone banking and other e-banking transactions that prevents the user from having to type their PIN on the vulnerable environment of a workstation keyboard.
When completing a transaction, the user inserts their banking card into the device and enters their PIN code. They then receive a One-Time Password (OTP) formatted and displayed by the reader. The OTP is a unique and non-reusable numeric password to authenticate both the smart card and its owner. This two-factor authentication is a better alternative to static password schemes or token devices in terms of security, user acceptance and cost-effectiveness.
Having their authentication device and banking card together gives online banking customers greater convenience, while the regular keypad provides simple usability. The device is compliant with the latest industry standards such as MasterCard CAP (Chip Authentication Program) and Visa DPA (Dynamic Passcode Authentication). It also accepts any type of EMV smart cards.