Hardware tokens are well established, but are known to be expensive to deploy and are easily misplaced since they are an additional device that the user needs to carry. The recovery process on lost Hardware Tokens can be lengthy and more importantly prevents users from accessing their applications, systems and portals.
The current trend and acceptance of smart devices is growing exponentially. This acceptance translates a shift to Software Tokens. Software Tokens can be easily deployed on any smart device.
Direct Risk Management (DRM) has developed proprietary technology for the emerging virtual credit card or virtual wallet, branded as the "DA-Virtual PIN Pad/Smart Card” The DA-Virtual PIN Pad/Smart Card has the same look and feel as DRM’s Authentication Smart Card except it is software based. The DA-Virtual PIN Pad/Smart Card is downloadable from the issuers secure app store. Once it is installed and seeded, the user will be able to start using the smart devices as their virtual credit card along with embedded loyalty/rewards program too. When the DA-Virtual PIN Pad/Smart Card is installed on a user device then it is locked on that individual device and cannot be copied between devices.
The DA-Virtual PIN Pad/Smart Card has some core security features which the typical Hardware and Software based tokens cannot match. The Virtual PIN Pad/Smart Card deployment will include:
- Ability to push to millions of customers with a click of a button
- Allows user to change their PIN
- Issuer can force a PIN change periodically
- Denial-of-Services or anti-theft notification will inform the issuer and the holder when PIN is entered incorrectly as per issuer security policy
- Forgotten PIN’s and lock-outs will be resolved with Challenge/Response protection.
- Ability to see past transactions purchases.
- Ability to check Credit Balance and much more.
Virtual PIN Pad/Smart Card provides paramount security and the ease of use with respect to accessing ATM’s without enter users PIN, online-banking, Cloud applications, Microsoft Outlook, Web based portals, Citrix, VPN along with accessing your corporate local area network and much more. Virtual PIN Pad/Smart Card significantly reduces the deployment cost for an organization and provide a fantastic Rate-of-Return (ROI) on your investment and generates revenue for the issuers via the loyalty and rewards program.
You can download the software from here.