Oberthur Acquires NagraID
Aug. 21, 2014
French smart-card manufacturer Oberthur Technologies on Tuesday announced an acquisition that will enable the company to address card-not-present fraud, which is expected to surge as EMV chip payment cards replace magstripe cards. Oberthur, the U.S. leader in EMV chip card production, according to a company spokesperson, has acquired NagraID, a manufacturer of display cards, from its Swiss owner. NagraID cards, which generate one-time passwords or dynamic CVV’s on a small screen right on the card, can be used to secure online and other card-not-present transactions.
“Thanks to the acquisition of NagraID Security’ s exclusive powered display card technology, OT is making a significant move on the very competitive payment card market, and in particular helping to reduce fraud for all card non-present transactions,” said Didier Lamouche, president and CEO of Oberthur Technologies. “Furthermore, the acquisition will enrich OT’s offering to financial institutions. I am very confident that the talented teams of NagraID Security will contribute to our ambitious development strategy.”