Two cards containing microprocessors that generate one-time passwords are being touted to Australian banks as possible replacements for tokens and passwords delivered by SMS and one is already being trialled by Visa.
SMS-based two factor authentication has been touted as a way of improving online banking security but Westpac's head of information security disagrees.
MasterCard International has teamed up with MobileWay, a provider of wireless access and content distribution, to develop and market a wireless authentication service.
A rise in credit card transactions via the Internet, phone and mail-order is prompting card heavyweights to promote tougher security standards for transaction data, according to MasterCard.
MasterCard International is expecting to make available to Australian banks in the first or second quarter of 2003 new technology designed to minimise credit card skimming, executives said this week.
What's holding back smart cards from widespread use in Australia? Could it be that vendors haven't found the applications consumers really want?
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