Dialware Announces its Beepcard Solution, the World's First Reader-Free Smart Card Solution for Secure "Card-Not-Present" Transactions

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By communicating its digital cryptogram via sound waves, Dialware's Beepcard technology enables a credit or debit card to perform highly secure wireless transactions from any PC, telephone, or mobile phone without using any specialized card reader.

The Beepcard and its authentication authorization software are the result of years of commitment to deliver the most secure credit card solution for financial institutions

Dialware, a leading developer and provider of miniaturized wireless verification systems for security and mass-market applications announced the introduction and general availability of the Beepcard smart card, its next generation solution for the credit card industry. “The Beepcard and its authentication authorization software are the result of years of commitment to deliver the most secure credit card solution for financial institutions,” said David Markovich, Vice President of Sales and Business Development for Dialware. “The Beepcard solution delivers unparalleled security and fraud protection which is what ecommerce retailers have needed from the very beginning and what consumers now increasingly demand. Identity theft is preventable with the right security solutions in place and our technology can deliver unprecedented protection against fraud,” David added.

Based on patented evolutionary acoustic technology and representing the next generation in smart cards, the Beepcard is implemented with a four digit PIN code. Any “Card-Not-Present” credit or debit card financial transaction can be completed with a Beepcard since the authentication and authorization process utilizes existing bank networks and card processing platforms. The nature of the transaction is unchanged. The difference is how the transaction is initiated and what information rides on the rails. The Beepcard does not require a card reader but rather just a microphone and an internet or wireless carrier connection. The consumer’s confidential information associated with the card no longer resides on the card but rather resides with the card issuer and processor protected by industry standard PCI Compliance measures already in place.

The switch to Chip-and-PIN smart cards started in Europe back in 2004 as those cards were deemed to be more effective in preventing fraud and identity theft. In the United States, fraud and identity theft cost consumers a staggering $48 billion in 2008. The challenge for U.S. card issuers and merchants making the switch from magnetic stripe cards to smart cards is not in the cost of the cards but rather in the cost of enabling the infrastructure. The Chip-and-PIN smart cards currently being implemented in Europe use “smart card’ technology that requires new POS terminals with near field communications capability, specifically magnetic near field capability. The Beepcard only requires a conventional microphone like those embedded in mobile handsets, smart phones and PCs. Beepcard holders at the point-of-sale enter in a PIN. Without the PIN, the Beepcard is useless to an unauthorized user.

Furthermore, the Beepcard distinguishes itself from other smart card solutions as every Beepcard transaction has a unique one-time transaction ID associated with it. Dialware’s verification authorization algorithm prevents this one-time transaction ID from being replicated and eliminates unauthorized card usage.

There are numerous implementation opportunities for Dialware technology. The Beepcard solution can be implemented as a credit card, an open-loop prepaid debit card just like a standard debit card, a Merchant gift card and mobile banking enablement to name just a few.

For more information, please visit http://www.dialware.com or email David(at)dialware(dot)com

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