Posted on Monday, 17th November 2008 by Nicole
Credit cards were created over fifty years ago, long before there was such thing as the personal computers, the internet, and of course online shopping. The credit card industry has tried adding security codes and using elaborate fraud detection algorithms, but credit card fraud still thrives everyday. Even though the actual cardholder is never responsible for the costs incurred from fraud, the credit card company is.
Visa is designing a credit card with a built-in random number generator. There would be a small LCD screen on the card which would generate an 8-digit pin number which would be used for one transaction. A new number would have to be generated for the next transaction. Therefore the thief could have your credit card information, but it would be useless without having the pin number. Since the pin number would constantly change from transaction to transaction, it would be virtually impossible for a thief to guess it.
Tags: credit card fraud, credit cards, online credit card fraud, visa
Posted in News | Comments (7)
November 18th, 2008 at 1:19 am
This is a good idea I’d love them to start using pins….
November 18th, 2008 at 10:23 pm
These look like a great invention for security but I wonder how they are powered and what happens if teh power source runs out?
November 23rd, 2008 at 4:09 am
[...] Credit Card Blog announces Visa Testing New Feature To Combat Credit Card Fraud. [...]
November 27th, 2008 at 4:11 pm
We need this feature badly in the US
December 5th, 2008 at 1:24 am
A simple pin number card would work just fine I’m sure too!
December 8th, 2008 at 7:15 pm
I don’t get why pin numbers aren’t done already. It’s common sense that says they should do that!
December 23rd, 2009 at 6:19 am
How would that help with online debit card fraud? I’ve been defrauded for $318.80 and it’s just before Christmas. It has ruined my family’s Christmas because I really needed that money to buy gifts for my kids. All the charges were made online. Could this pin number idea thing be applied to online purchases as well?