CardLab Newsletter 17th February 2017
CardLab Innovation ApS is pleased to announce that it recently acquired the Stratos Connected Card Platform.
CardLab is a Danish, world-leading technology provider of microelectronics to the powered card industry. CardLab worked closely with Stratos between 2012 and 2015 to develop and mass-produce the Stratos Connected Card - the world’s first and most advanced card-based payment solution.
CardLab has firsthand knowledge of the challenges Stratos and its competitors faced as early entrants into a dynamic and competitive payments landscape. Nevertheless, CardLab sees a bright future for the Connected Card. "The Connected Card brings together the best of mobile payment with the convenience, broad acceptance and brand related advantages of a physical card," said Frank Sandeløv, CEO CardLab.
CardLab plans to roll out a White Label Connected Card program in Q3, 2017. According to Aaron Williams, AVP of Information Technology at Commonwealth National Bank (CNB), “Mobile payment has not lived up to its promise. We feel the Connected Card offers CNB a powerful opportunity to increase brand awareness and build inroads with millennial customers.”
In addition, CardLab will be exploring avenues to resume Stratos’ popular membership program in the US and internationally. Updates related to the membership program will be posted at CardLabCards.com.
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Fingerprint AB to put more emphasis on Smart Cards with its biometric solutions
WORRY-LESS PAYMENTS WITH BIOMETRIC SMARTNESS Our ..
CardLab, a smaller high-tech company backed by several large investor groups, just launched a new and highly secure credit card. The new technology embedded in the card is also usable with passports and other documents holding personal information vulnerable to criminal infringement.
The new card makes a sophisticated answer to growing international concern with huge increases in cyber crimes such as credit card fraud and ID theft. Within these areas of criminal activity, it has become increasingly easy and cheap for perpetrators to compromise safety and access personal information from millions of people across the globe, causing not only invasion of privacy but also huge financial losses.
Developed in cooperation with the Danish IT-firm, Quardlock, CardLab has already signed contracts for future delivery of the new smart card to financial institutions in Houston, London and Dubai.
Being a so called smart card, this new invention in credit cards uses biometric one time passwords, a brand new and patented technology. The card will only work after first having read and verified the fingerprint of the card owner. Shown in a miniature display, the card then generates encrypted one time passwords for each transaction; thus creating a unique and unprecedented level of card security.
This double safety feature will put a halt to the vast abuse of CVC-codes (the three digit number shown on the back of all financial cards), since it is only the rightful owner of the card who can activate and make use of the card. At the same time, the cards’ patented password technology, called OTP, is designed to be used with existing readers and terminals, making it a true alternative to today’s credit cards. Present card technology has proven easy to copy and steal and the OTP card delivers a realistic, and at the same time convenient answer.
The OTP card works in connection with specialized backbone servers, designed to recognize each card and its unique one time passwords only in combination with the card holders’ fingerprint. Since the card offers no display of personal information, this CardLab technology poses no value to criminals, whatsoever.
The development and future additional market launch is supported by “Markedsmodningsfonden” (a Danish public funding agency) and presents a viable solution to the vast rise in criminal abuse of credit cards and passports, as well as problems with secure access control, e-government and ID theft. All of these problems, causing financial losses in the billions, can be solved without having to change the infrastructure behind present card systems.
For more information on the new biometric reader card; the OTP card, please contact CardLab CEO, Frank Sandeløv, phone +45 3155 4994 or send an email to firstname.lastname@example.org