Around the world, banks are standardizing on hardware: credit and debit cards with an inbuilt chip. The chip-and-PIN dynamic familiar to billions of consumers enables payment authentication at every retail outlet, from the largest grocery store to the smallest – providing excellent security and fraud protections.
But the possibilities of such cards go beyond chip-and-PIN payments. The combination of a user secret/credential (such as a passcode or biometric), alongside a hardware identifier (the card itself) enable PSD2-compliant two-factor-authentication for a range of use cases.
A European banking giant saw the possibilities, and asked Giesecke+Devrient (G+D) to assist with a solution for several customer challenges. Rollout of the solution was fast and effective – giving the bank both immediate and ongoing cost reductions. Here’s how they did it.
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