SEOUL, June 12 (Korea Bizwire) – Korea Exchange Bank said on June 10 that it is currently preparing for introducing a chip guard display card that allows the card user to take control of the IC chip embedded in her credit card or debit card as a way to address the security issue with the merchant side terminal. The chip guard display, or CGD, card has a keypad, an e-paper display panel, and a battery in it and is activated with the typing of a password by the user.
With the keypad and the display, the user can check her point balance and remaining credit balance in real time. Combined with the OTP (one-time password) security solution, the CGD card offers an excellent means of credit card and Internet banking transactions.
A Korea Exchange Bank official responsible for credit card business said, “The IC chip protection feature of the CGD card makes an unauthorized use of the card impossible. With the OTP feature in the card, the user can feel much more secure when doing banking through the Internet.”
The bank has signed partnership agreements with MasterCard and Smart Creative to develop security service solutions and will launch new cards embodying the CGD technology.
Written by Sean Chung (firstname.lastname@example.org)