Arcot Systems Inc. has released an application for mobile phones that enables consumers with EMV cards to authenticate card-not-present transactions, the Sunnyvale, Calif.-based company said this week.
Consumers can use “ArcotOTP” with MasterCard Worldwide’s chip-authentication program to secure banking and retail transactions, Arcot says in a statement. The Arcot application generates a unique, one-time passcode consumers use to authenticate card-not-present transactions.
Combined with the MasterCard application, the ArcotOTP will “allow part of the transaction data to be included in [the] generation of the password, resulting in a unique signature for each cardholder transaction,” the statement says.
Immediate comment from Arcot was unavailable.
The application works with such mobile phones as Apple Inc.’s iPhone, Research in Motion Ltd.’s BlackBerry, Google Inc.’s Android, Microsoft Corp.’s Windows Mobile most handsets from Finland-based Nokia Corp., the statement says.
