Alaric Systems Ltd. will add myPinPad software to its card-not-present security offerings for payments service providers.
Cardholders using mag-stripe or chip-based cards at merchant locations using myPinPad will authorize payments by entering their PIN on touch-screen terminals, smartphones, tablets or online, the London-based fraud prevention and payment software provider announced May 7.
MyPinPad Ltd. developed the software to provide cardholders with a one-time keypad that operates through the company's virtual point of sale or ATM software, Alaric states in a press release.
The virtual PIN pad moves the transaction data away from the payment device into a cloud-based secure server. The issuing bank verifies the PIN online, Alaric says.
"There have been many advances in the world of payments, but easy and cost-effective authentication of the individual making the payment has always proved a challenge," Mike Alford, CEO at Alaric, states in the release.
In combination with other Alaric products, the virtual PIN pad delivers "EMV-level security" for cardholders using mag-stripe cards and a PIN, Alford says.
In countries where online PIN is not supported at the point of sale, myPinPad serves as an alternative, Alaric says.
The myPinPad software adds to Alaric's central theme that various layers of defense are needed to secure payments.