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What is Chip Authentication Program mean?
The Chip Authentication Program (CAP) is a MasterCard initiative and technical specification for using EMV banking smartcards for authenticating users and transactions in online and telephone banking. It was also adopted by Visa as Dynamic Passcode Authentication (DPA). The CAP specification defines a handheld device (CAP reader) with a smartcard slot, a numeric keypad, and a display capable of displaying at least 12 characters (e.g., a starburst display). Banking customers who have been issued a CAP reader by their bank can insert their Chip and PIN (EMV) card into the CAP reader in order to participate in one of several supported authentication protocols. CAP is a form of two-factor authentication as both a smartcard and a valid PIN must be present for a transaction to succeed. Banks hope that the system will reduce the risk of unsuspecting customers entering their details into fraudulent websites after reading so-called phishing emails.
referencePosted on 10 Nov 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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