Chip Shield’s $20 Solution to Online Chip Card Fraud
We’re all concerned about fraud when it comes to our payment cards, and the Europay / MasterCard / Visa (EMV) move can only go so far.
While at the FinovateSpring 2016 conference, Chip Shield showed off a new solution to card fraud, the Chip Shield Reader.
Not only was it a simple solution, it was also surprisingly inexpensive, available for users at just $20.
The Chip Shield Reader slips into the palm of a user’s hand, connecting to desktop computers over USB, and using the audio connector to connect to mobile devices.
Any credit or debit card using a chip system works with the Chip Shield Reader, and it uses the encryption technology that’s been built directly into a new chip card to create a private key signature that’s unique, and therefore, tough to beat with the standard measures of viruses or phishing attacks.
The accompanying Chip Shield Web Assistant tool, meanwhile, directly inserts the relevant payment data into websites, and handles payment systems without any data entry.
That means even keyloggers will have no idea what was inputted, making systems safer.
Given that the losses from e-commerce or account takeover fraud could clear $25 billion in the next few years, that’s a big reason to use such tools.
The idea that a security system could be this simple is as surprising as it is welcome, and will likely be the kind of thing that gets a lot of attention when it finally goes into wide release at an as-yet-unknown date.
Dealing with identity theft in any version, regardless of cause, isn’t the kind of thing anyone really wants to deal with.
A system like Chip Shield might make it easier than ever before to protect payment details while using chip cards, and that should be welcome.
Chip Shield will need to aggressively market its materials to get the word out, but if it can get word in enough places to overcome inertia, it will likely find an eager market ready to drop $20 to never worry about identity theft again.
It’s going to be interesting to see if Chip Shield can live up to its projections. It’s a tempting enough notion, however, and easy-to-use protection that’s also extremely strong is exactly what a lot of online shoppers are looking for.