As fraud-related losses continue to increase, AirKey offers a tap-based authentication method using credit and debit cards, providing institutions with a new tool to safeguard customers.
Developed by Capital One over seven years, AirKey allows customers to authenticate with a simple tap of their card to a smartphone. This technology supports various use cases, including completing 3D Secure transactions and accessing virtual cards. Capital One reports that AirKey has become the most popular method for card activation among its customers, driving a significant increase in mobile enrollment.
More than 75 million Capital One cards are now equipped with AirKey, which has been in use by the company’s customers for over four years. The technology is supported by an extensive patent portfolio, with over 700 patents issued globally.
AirKey improves mobile enrollment and customer authentication
AirKey enables financial institutions to strengthen fraud prevention by offering an additional layer of authentication alongside traditional methods such as SMS one-time passwords. Customers can use AirKey to authenticate transactions, enrol in mobile banking apps, and activate new cards with ease. The technology aims to increase authentication success rates and improve the overall customer experience.
The AirKey system utilises near-field communication (NFC) technology, embedding an applet in the secure element of the card. When tapped to a smartphone, the card generates a cryptogram that is validated for secure authentication. AirKey is compatible with both iOS and Android, requiring no additional application downloads for users.Capital One is working with several partners to make AirKey available to a broader range of financial institutions. The company highlights the importance of emerging technologies in improving both security and the consumer experience, as fraudsters become increasingly sophisticated.