(NASDAQ: INVC)
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Innovative Card Technologies, Inc. Profile
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Innovative Card Technologies, Inc. ("InCard" or "the Company") researches, develops, and markets powered cards with one-time passcode (OTP) authentication capabilities for payment, identification, and physical and logical access applications. The Company targets identification and access control in an enterprise environment. InCard has combined Radio Frequency Identification (RFID) access and token technology into a convenient payment card form factor. Besides the enterprise market, InCard also aims to secure "card not present" transactions at financial institutions. InCard intends to enter the enterprise market with its token-replacement card; however, in the future InCard expects to supply payment cards to financial institutions with OTP technology embedded in the card, providing another layer of protection against credit card fraud. Through its proprietary Power Inlay Technology, InCard brings power-based applications into the card. Its principal product, the ICT DisplayCard, looks like a conventional transaction card and fits into a wallet. It contains an embedded chip that employs an algorithm to produce an OTP on a display screen on the front of the card by pressing a button on the card. A user enters the OTP into a keypad or computer, which sends the passcode to a remote processing center for authentication via a secure server. This technology is intended to increase security and decrease or potentially prevent "card not present" credit card fraud, which is rampant in internet and telephone purchases. The technology could also be effective in combating spyware and phishing schemes, since the OTP is only good for a single use. In an enterprise environment, the card's RFID/magstripe physical access capability provides an employee access to their building and the OTP validates their loginâ€â€all in one thin card. In March 2007, InCard began trading on the NASDAQ market under the symbol "INVC." The Company is headquartered in Los Angeles, California.
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