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May
13
Back in October 2007, I remember seeing an article about a next-generation credit card that incorporates a 12-button keyboard, a microprocessor and an embedded alphanumeric display promises to provide unprecedented security in phone and online banking transactions.
Once again in BBC news today I come across another similar article on the same lines regarding a similar credit card to combat fraud.
A credit card with a built-in display is being tested by Visa with the aim of reducing online fraud. The Emue Card generates and displays a unique code each time it is used. Developers say that the new technology would make it very hard for fraudsters, as any transaction would require the pin to generate the code. The card is currently being trialled by 500 employees of Deloitte with the aim of assessing the technology by the end of the year.
Sandra Alzetta, head of innovation at Visa, said that the card was bringing the principles of chip and pin technology to the online world.
"The card needs to be globally compatible: that means embossed characters for mechanical swipes, a magnetic strip for systems that require a signature, the fixed three digit security code and now the unique four figure code. "
"Once certified by Visa it is then down to the banks and credit card companies to decide if they take up the new technology, but Ms Alzetta said she was confident they would"
"One of the things we're testing is how long the battery lasts - the plan is for it to work for more than three years, which means your card should expire before it runs out of power."
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