credit card fraud

A credit card with a digital display that randomly generates a security code is being launched as a way of combating fraud.

Oberthur Technologies is currently in discussions with UK banks about rolling out the technology and consumers in France can begin to use them by the end of the year.

According to BBC, Credit card fraud costs banks billions of pounds each year.

The card provides an extra layer of security by replacing the static printed three-digit security code on the back of the card with a mini screen which displays a random code that changes automatically every hour.

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It is powered by a thin lithium battery designed to last for three years.

“The technology has existed for some time so now it will be a case of persuading card processors that it is worth doing,” said Prof Woodward to the BBC.

“It may be costly for card operators as some extra infrastructure will be required to ensure our cards stay synchronised with the operator, but it happens already for many banks with the dongles they issue for login.”

Users of this card will not be able to memorize their pins hence, they will always have to check their cards when they want to make an online purchase. In my opinion that’s not so cool. But hey, security comes at a cost.

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Though surprising that this technology has taken extremely long to come, it’s better late than never in my opinion.

Following a pilot scheme last year, Societe Generale and Groupe BPCE (both French Banks) are preparing to issue out the cards to their customers. There are also pilot schemes in Mexico and Poland.

According to the UK’s Financial Fraud Action, credit card fraud in the UK totalled £755m in 2015 and the Office for National Statistics said that there were 20,255 victims.

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There are many ways through which fraudsters crack your credit card details but hopefully, this technology will help reduce that drastically.

Do you have anything to add? Don’t hesitate to leave a comment.

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