UAE's Network International teams up with OT for credit card security option
The OT MOTION CODE solution provides an extra layer of security for card-not-present (CNP) transactions, such as telephone and internet transactions. This replaces the static three-digit security code on the back of the card with a mini screen that displays a new code that is automatically refreshed every hour.
For the cardholder, the solution does not require any browser plugins or buttons to press. The code appears on the same location on the card as with the traditional security-coded cards, but the number is refreshed by the bank issuer many times per day. This new type of code system could help prevent fraudulent use of credit card information.
“E-Commerce adoption in the UAE is growing rapidly, and we have to offer security and convenience to end-users,” Bhairav Trivedi, Network International CEO, said. “As the first company to market this kind of technology in the world, OT in collaboration with Network International will offer banks with a turnkey solution to help them mitigate online fraud and also to provide their consumers with a reliable, secure and seamless online shopping experience in the Middle East and Africa region.”
Eric Duforest, managing director of the financial services institutions business at OT said OT is delighted to partner with Network International to offer our OT MOTION CODE solution in the MEA region.
"Network International has a major reach in this region and we are convinced this solution could benefit millions of potential end-users, Duforest said. "Online fraud is growing rapidly worldwide, and thanks to our revolutionary innovation, we provide this e-commerce fraud fighting solution to financial institutions to secure online transactions.”