Chip Shield’s $20 Online Fraud Solution

A new personal chip card reader will soon hit the market with the goal of protecting consumers while shopping and banking online and ultimately preventing online fraud — at an introductory price of just $20.

Chip Shield announced on Thursday (May 12) that its Chip Shield Reader device, which connects to desktop computers over USB and mobile devices over the audio connector, is expected to hit the market in summer 2016.

The credit and debit chip card reader is designed to provide enhanced security for any eCommerce or banking site and works with the Chip Shield Web Assistant to leverage chip technology to safeguard digital activities.

When a user’s payment card is inserted into the reader, the device utilizes the encryption technology built into the chip-enabled card to generate unique private key signatures and unlock online accounts and personal data while the card is in use.

In a press release, David Marsyla, founder and CEO of Chip Shield, explained:

“We’ve all been getting these new chip cards from our banks to help with fraud in stores, but when we go online, we type in the same old 16-digit card number or use logins and passwords that can be easily stolen by viruses and phishing attacks. It’s time to start extending chip-based security to protect us online and reverse the rapid growth of fraud and identity theft.”

The Chip Shield Web Assistant eliminates the need to manually enter data by securely inputting payment data into merchant websites, which the company said not only helps protect customers from computer viruses that track keyboard input but also significantly speeds up the online checkout process. The assistant can also provide extended authentication and serve as a password manager.