Fraud-busting credit card on the horizon in Europe

Taking the next logical step after offering credit cards with CVC codes on the back or your picture ID on the front, the new VISA CodeSure credit card is currently being tested in Europe throughout the year and has already seen much success.

The card resembles a standard credit card, but on the back there is a small 8-digit LCD display screen just above the signature line while below it and to the right rests a keypad consisting of 12 buttons.  Several consumers have likened its appearance to a hybrid pocket calculator.

The intent of the new technology is to act as further enhancement to the “Verified by Visa” system currently in place with the credit card provider.  The current system, which requires consumers to enter a password in order to conduct purchases with a Verified by Visa-enabled card, is instead replaced with PIN that the consumer enters directly into the keypad of the card.

VISA was quick to assure that the technology they are utilising is not only innovative but ultimately creates a safer credit card, all without degrading the size, durability, or flexibility of a credit card or debit card not equipped with the specialised display and keypad.

Designed to curtail online credit card fraud, Visa hopes their new security system will stem the tide of ongoing losses; by the end of 2009, fraud-related losses from online banking were up 14 per cent from the previous year at £59.7m.

Visa Europe’s head of innovation, Sandra Alzetta, commented on the new technology, stating that the exclusive solution developed by Visa is proving to be a much more convenient method to ensure a similar security level to the current generation of security-enhanced credit cards.  She added that online payments conducted with the new CodeSecure system are just as secure as the standard -chip-and-pin method more widely used today.

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