swIDch unveils alternative technology to overcome numberless card limitations for payment

A UK cybersecurity startup, swIDch, announced an alternative technology to overcome the limitations of numberless cards by using its Dynamic Virtual PAN (primary account number) technology, thereby creating a new security environment in the payment process. This patented technology is a complete API-driven, CNP security solution that replaces static with dynamic PANs as well as eliminating access points for hackers. (Graphic: Business Wire)

KUALA LUMPUR, April 14 -- Cybersecurity startup, swIDch has announced an alternative technology to overcome limitations of numberless cards by using dynamic primary account number (PANs), thereby creating a new security environment in payment process.

According to a statement, eliminating numbers on payment cards increases security if customers lose their card. However, hackers can exploit weaknesses through online payments.

Numberless cards appear to be a new trend in finance combined with substantial growth of e-wallet services, with the purpose of numberless cards aimed at increasing security.

It reduces the risk of personal information loss when the card falls into the wrong hands. However, when it comes to online payments, customers’ credentials are still at risk of being targeted for Card Not Present (CNP) fraud.

swIDch has introduced Dynamic Virtual PAN technology for businesses offering a numberless cards solution. This patented technology is a complete API-driven, CNP security solution that replaces static with dynamic PANs, as well as eliminating access points for hackers.

The company is also developing biometrically enabled ‘Digital display cards’ that show a dynamic card number for authentication with no battery and instead, uses an energy harvesting system to draw power from NFC devices. It plans to launch the new digital cards in June with the collaboration of card manufacturers.

-- BERNAMA