App to protect your credit card from hacking
Posted on Apr 25 2014 | IANS
New York, April 25 : Bad news for credit card hackers. Here comes a 'remote control' app that can help you turn your credit cards on and off with the click of a button, and control when, where, and how they are used.
Run by two Indian American entrepreneurs, a San Jose-based start-up OnDot Systems has unveiled an app named CardControl that acts as a kind of 'remote control' for your credit, debit, and prepaid cards.
The app requires no external hardware and no special credit cards.
"We sells CardControl directly to banks and credit card processors who offer it as a special service to their customers. OnDot collects a per-user licensing fee from the banks and processors," Rachna Ahlawat, CEO, OnDot was quoted as saying.
Selling directly to institutions and not to individuals was a careful decision, Vaduvur Bharghavan, founder of the company, noted.
"We tell the banks to offer this to your customers as a convenience," Bharghavan added.
OnDot has signed deals with four major credit card processors, who collectively process transactions for 10,000 banks and credit unions across the country, a report in wired.com said.