Now, credit card with keyboard to fight fraud
Sources : Times News Network
Date of Publishing:19/7/2010
Featuring A Mini Screen, It Generates A Constantly Changing Series Of Passwords For Online Shopping
London: In a bid to prevent online shopping fraud, US global payments technology company Visa's European arm has designed a new credit card which is complete with a keypad and a digital number display.
The new Visa CodeSure card is of the same size as a conventional credit card but features a miniature keyboard and screen used to generate a constantly changing series of unique security passwords required to authorise purchases over the internet, British newspaper Daily Mail reported.
Head of Innovation at Visa Europe, Sandra Alzetta, said, "This exclusive Visa solution is an extremely convenient way to bring a similar level of security to payments online as we now enjoy on the high street.
"The solution goes beyond online and remote shopping but also allows organisations to use the card in place of other online log-in systems to access," she added.
The card includes a 12-button keypad, a screen and a battery that will power the security system for three years.
The user will input their PIN on the keyboard, which will then generate a unique password, including letters and numbers, that will be typed into the web shopping store to approve a purchase.
The new card can only be used by a person who knows the PIN and it will generate a new password each time an internet purchase needs to be authorised.
Visa said the same card can be used to generate secure passwords to allow customers to access their online bank accounts. This avoids using the same password all the time. Visa has worked on the card with Emue Technologies and has conducted trials in the UK, Italy, Israel, Turkey, Switzerland and Germany.
Thieves pocket more than £266 million every year by stealing the card details of victims, buying goods and arranging delivery to temporary addresses.
More than three-quarters of frauds involve internet, phone or mail-order shopping, in which PIN codes are not needed. AGENCIES
SMART CARD: The new card is of the same size as a regular one and is powered by a battery that will last three years
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