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We could solve Card Not Present fraud in the same way as we fixed skimming and carding of magnetic stripe cards. CNP fraud is just online carding; it is perpetrated by replaying raw card details against merchant sites that cannot tell stolen customer data from the original. Lockstep has demonstrated a solution that digitally signs CNP transactions using a chip — in a card or a phone — to render the data non-replayable. The technique can be deployed stand-alone, or it can be integrated with the payments industry’s 3D Secure CNP protocol.
Lockstep Integrating Chip with 3D Secure Cards & Payments 21Mar12 HANDOUTS