Thinking Money | Free Financial Advice and Tips

Visa testing credit card with built-in display

Posted on 14. May, 2009 in General News

Visa are testing a credit card with a built-in display 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.

While chip and pin technology has helped reduce crime at the tills, when it comes to internet, phone and mail order fraud – known in the industry as card-not-present or CNP fraud – the figures are growing every year and now make up more than 50% of all credit card fraud. According to the Association for Payment Clearing Services, CNP fraud accounted for more than £328.4 million in 2008, a rise of 13% from 2007.

Source: BBC 13-05-2009