Capital One has launched AirKey, a new authentication technology aimed at helping financial institutions strengthen their fraud prevention efforts. Developed over seven years, AirKey transforms credit and debit cards into tap-based authentication tools, providing an additional layer of protection as fraud continues to cost billions annually.
With AirKey, users can authenticate by simply tapping their card to a smartphone. This technology works for various use cases, including completing 3D Secure (3DS) transactions, accessing virtual cards, or enrolling in mobile banking. Over 75 million Capital One cards are currently equipped with AirKey, and the company has seen a significant increase in mobile enrollment since its introduction.
AirKey is supported by an extensive patent portfolio, with over 300 U.S. patents. The technology uses near field communication (NFC) to enable secure communication between cards and smartphones, and customers don’t need additional apps to use it.
“Customers prefer options for authentication, and having more tools to prevent fraud is essential,” says Tom Poole, Senior Vice President of Emerging Payments at Capital One. AirKey also offers financial institutions a convenient alternative to traditional methods like SMS one-time passwords (OTP), ensuring stronger fraud prevention while enhancing customer experience.
In partnership with other institutions, Capital One is working to make AirKey more widely available. Hal Granoff, Vice President of Strategy at Prove, highlights the dual benefits: “AirKey not only helps reduce fraud but also improves the user experience by turning credit and debit cards into hardware authenticators.”
AirKey is set to become a key tool in the fight against fraud, offering both security and convenience for financial institutions and their customers.
