Millions of customers will be issued with a new card that it is hoped will end online shopping fraud. The cards are the same size as a conventional debit or credit card but feature a miniature keyboard and screen. These are used to generate a constantly changing series of unique security passwords that are required to authorise purchases over the web. The cards are designed to deliver the improvement in security that was offered to consumers in high street stores by the introduction of chip and PIN cards. When a customer uses a chip and PIN card in a shop, the till confirms the card is genuine by recognising the microchip. Separately, the customer uses their four digit PIN to confirm the purchase. However, there is no such system for checking a card is real and belongs to the user when a thief makes a purchase over the web or by telephone. As a result, thieves are making bogus purchases worth more than £266million a year simply by stealing the card numbers of victims and arranging for the items to be delivered to temporary addresses. Visa-s cards include a 12 button keypad and screen but also a mini battery that will power the security system for up to 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 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. The company has called the system Visa CodeSure and it claims it will prevent any unauthorised use. (Daily Mail)Sunday, 18 July 2010
Bank card with its own keyboard to take on the internet crooks
Millions of customers will be issued with a new card that it is hoped will end online shopping fraud. The cards are the same size as a conventional debit or credit card but feature a miniature keyboard and screen. These are used to generate a constantly changing series of unique security passwords that are required to authorise purchases over the web. The cards are designed to deliver the improvement in security that was offered to consumers in high street stores by the introduction of chip and PIN cards. When a customer uses a chip and PIN card in a shop, the till confirms the card is genuine by recognising the microchip. Separately, the customer uses their four digit PIN to confirm the purchase. However, there is no such system for checking a card is real and belongs to the user when a thief makes a purchase over the web or by telephone. As a result, thieves are making bogus purchases worth more than £266million a year simply by stealing the card numbers of victims and arranging for the items to be delivered to temporary addresses. Visa-s cards include a 12 button keypad and screen but also a mini battery that will power the security system for up to 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 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. The company has called the system Visa CodeSure and it claims it will prevent any unauthorised use. (Daily Mail)