Pittsburgh entrepreneur Jeff Mullen has created a sophisticated credit card that may forever change the technology behind the thin pieces of plastic you carry.
Dynamics LLC, a startup emerging from Project Olympus, is positioning itself to be the next-generation payment solution for a $4 trillion domestic industry that has suffered massive losses due to credit card fraud. Mullen estimates that $25 billion is lost annually by card companies through fraudulent card purchases and theft.
Dynamic’s answer is the Dynamic Credit Card, an innovative, wafer thin card with an electronic display that periodically changes several digits of the card number, making it impossible for anyone to capture or copy the number and reuse it. Number theft accounts for 40 percent of all credit card theft.
“The size, shape and feel of your card remains the same,” Mullen explains. "The software is based on time. The card knows what time it is and it’s always in sync with credit card servers. Our hope is that every credit card will be a Dynamic credit card and together we can eradicate a large portion of fraud and redirect savings to things that are more beneficial to credit card users.”
Dynamics also hopes to offer a solution to eliminate physical card theft as well, Mullen says. Dynamics unveiled the technology at Project Olympus' show and Tell this spring and has received a tremendous response from industry executives, Mullen says
Mullen has a degree in electrical computer engineering and is a patent attorney. Currently there are more than 10 pending patent applications on file for Dynamic. He brought the technology to Carnegie Mellon when he enrolled in the Tepper School of Business where he teamed up with fellow student Andy Hicks, COO.
Dynamics is currently working on an improved prototype and hopes to hire two to three engineers as it prepares its first commercial product. For more information on the company or jobs, click here.
Writer: Debra Smit
Source: Jeff Mullen, Dynamics LLC
Image courtesy Dynamics LLC