image credit bbc news
In two of my previous articles Transacting Online? Watch Out For Peeping Toms and Cyber Security-Is There Real Danger Looming, I wrote about the dangers of transacting online. Identity theft is the fastest growing crime in the U.S.A. according to the FTC (Federal Trade Commission). The danger is so real, yet the requirement to transact online so crucial, thus we are left with no alternative but to fight cyber-crime.
For on the till transactions, where the card user is present with their credit card at the service provision point, credit cards are equipped with the chip and the user enters the secret pin number and a signature, these three together with the hologram provide some security.
For away from the till transactions (internet, phone or mail order), all that is required to transact at present is the 16-digit code, the credit card expiry date and the three digit security code number at the back of the card. If any person captures this information online by hacking or by nicking the actual card or cards details, the card owner may suffer loss if the card is not block immediately.
To reduce instances of card-not-present (CNP) crime, Visa is testing a credit card dubbed Emue with a built-in display.
The Emue Card generates and displays a unique four digit code each time it is used. The generation of the four digit code is activated by entering a secret pin number.
The card is currently being tried out by 500 employees of Deloitte with the aim of assessing the technology by the end of the year. After the trial period, the card needs to be globally compatible: that means creating 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. The global credit card infrastructure will certainly require an update to accommodate the extra features. This development will enhance the security of CNP transactions.
To read the whole article click BBC News
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