backtop


Print 43 comment(s) - last by LikeLinus.. on May 18 at 10:36 AM

A new credit card has been developed in the battle against credit card fraud

Credit card companies use a variety of methods to help battle credit card fraud. Some have implemented the placement of an owner’s photo on their individual card, and others offer hotlines, along with “tips for protection” guidance. Now, Visa is testing another security measure: the Emue Card.   

Aside from the usual security code that credit cards show, the new Emue Card generates an additional four-digit code which is changed each time the card is used. Card owners would need a pin in order to view these four numbers, which would be required to complete a transaction.

The card will be on trial until the end of the year, before which it will be tested by 500 Deloitte employees. If the trial goes well, and the card is certified by Visa, it will be up to both banks and credit card companies whether they will choose to take on the product.

Employees at Deloitte, along with anyone else who has access to the card, can expect to see a rise in safety when it comes to phone, internet, and mail order fraud. According to the BBC, thefts occurring through these mediums, known as card-not-present or CNP fraud, are continuously increasing and make up over 50 percent of all credit card fraud. An Emue Card could help to bring down this percentage because it demands more information than what can be seen on the card - those attempting to use it would have to know the pin needed to generate its additional security code. This security measure would be especially important with transactions occurring without a salesperson present to check signatures or look at photos on the cards that offer them.

The Emue Card has brought about certain obstacles in its development. One example included finding a way to help card owners avoid the accidental pressing of buttons. Developers tackled this by creating buttons which need to be “pinched” to work rather than simply pushed down.  

Sandra Alzetta, head of innovation at Visa, explained another problem-prevention system underway: "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."

Alzetta also discussed the challenge and need of global compatibility features, including “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.”

"You have to remember that our cards work across the world, and not every country or retailer has access to the level of technology we might be used to," she said.
 



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: The real problem
By FITCamaro on 5/14/2009 12:49:33 PM , Rating: -1
Yes and that is the stupidest thing in the world. To make it illegal to validate the ID of someone when they're making a purchase.

You know a liberal somewhere is responsible for that. But then they also argue against validating who someone is when they go to vote so its hardly surprising.


RE: The real problem
By ClownPuncher on 5/14/2009 1:17:13 PM , Rating: 5
Link it to Obama, then FDR, then eco nutjobs. It has something to do with the GM bailout too, it just has to.


RE: The real problem
By Samus on 5/16/2009 8:00:21 PM , Rating: 2
I've worked in retail and im unaware it was illegal to check id for purchases. I mean, we were required to check id for check payments. We even wrote down the id # on the checks. How is that and different from a debit or credit card?


RE: The real problem
By postar on 5/14/2009 4:03:54 PM , Rating: 2
quote:
Yes and that is the stupidest thing in the world. To make it illegal to validate the ID of someone when they're making a purchase.


It's not stupid at all. See, your address is a security feature for your credit card. Once you show your ID to the store clerk, he/she now has all the info they need to shop with your card online - card number, expiration date, potential billing address and security number at the back.

Sure, they need to have photographic memory, but how do I know that they don't or that the security camera behind them is not recording all these details?


RE: The real problem
By FITCamaro on 5/14/2009 4:09:12 PM , Rating: 3
I'm far more concerned with people stealing my card and using it in a B&M store than a pimply faced kid having photographic memory and remembering all my information.

My family had a car stolen in 2000 with my mom's purse in the car. The thief drove to a Publix and bought $90 worth of stuff using a check. They failed to check ID on it. If they had, we would have had our car back as there was usually a police officer at that Publix. To top it all off, the store tried to make us cover the check.

Now if all credit cards had my picture on it, I wouldn't mind as much, but they don't. I really don't know why that didn't catch on more.


"People Don't Respect Confidentiality in This Industry" -- Sony Computer Entertainment of America President and CEO Jack Tretton











botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki