How they describe themselves: Chip Shield was founded with the goal of combating card-not-present fraud and protecting consumers from merchant data breaches. While the deployment of EMV chip cards are expected to reduce fraud in stores, and card Tokenization is helping in mobile, desktop online remains largely unprotected. We are extending the security offered by EMV and Tokenization to protect customers from online data breaches and account takeover. Our Chip Shield personal EMV card reader is an inexpensive device (~$20) that can be promoted or subsidized by card issuers to improve their customer’s online experience and security. The device authenticates the customer’s existing credit or debit cards to unlock online profiles and secure their payments.
How they describe their product/innovation: Chip Shield is a personal EMV card reader that extends EMV security to the desktop online channel without requiring a custom integration from merchants or card issuers. Customers connect the EMV reader to their computer over USB when they are ready to check-out at an online merchant. After authenticating their card, the Chip Shield browser extension unlocks their profile and selects the most secure payment method available based on their bank, card network and merchant. Whenever possible, Tokenization services are used to generate temporary, merchant specific card numbers for the purchase. Payment and customer information are then automatically and securely injected into the site to streamline check-out down to a few seconds.
Product distribution strategy: Direct to Consumer (B2C), through financial institutions
Bus. Dev.: David Marsyla, CEO, email@example.com & JC Ramey, VP Bus. Dev., firstname.lastname@example.org
Press: David Marsyla, CEO, email@example.com
Sales: JC Ramey, VP Bus. Dev., firstname.lastname@example.org