New Era Of Credit Cards Is Upon Us

Credit cards are used more than ever. Online purchases are a dominant way of shopping in lots of countries, and with the emergence of online shopping, frauds also saw a massive rise. There are some security techniques that can help buyers in keeping their credit card data intact but cybercriminals had always found a way to counteract security measures.

motion-code-credit-card

But, the new kind of credit card may provide a security measure that will be very, very hard to crack. Basically, one company named Oberthur Technologies developed a special kind of credit card with a miniature screen installed serving the purpose of displaying the card’s three-digit security code, called “Motion Code.” As all credit card, owners know, on the back of the card there’s a three-digit code (card’s security code) that must be entered during each purchase.

This security code may provide an extra level of security in the case when card’s data gets stolen online (during online purchases, or by collecting data with the help of a malware installed on the user’s computer). Since the chip installed on the card doesn’t contain a security code, the said code might prevent the card to be used by cybercriminals.

But now, Oberthur Technologies developed a credit card with a miniature display that shows the security code. Instead of one static security code, the card displays a randomly generated code that changes every hour. The mini screen is powered by a lithium battery sporting tiny dimensions, small enough to be placed inside the card. The battery can power the display for three years (a bit too short since some cards expire four years after they got issued).

The company promises that customers located in France will start receiving this new kind of credit cards by the end of the year. Oberthur Technologies is currently negotiating with UK banks about introducing the card in the UK. If all goes well, the mini-display credit cards may come to the UK during the next year.

Professor Alan Woodward, a cybersecurity expert from Surrey University said in his statement for the BBC that “In some ways, it’s surprising it has taken so long for this to appear. The technology has existed for some time so now it will be a case of persuading card processors that it is worth doing.”

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

The France will be the first country to see the new cards, with Societe Generale and Groupe BPCE being the first two banks that will offer the cards to their customers, after a successful pilot testing phase. In addition to France, Mexico and Poland are currently undergoing pilot schemes, meaning that after the UK, banks located in Mexico and Poland may also start issuing the new credit card type.

 

Source: BBC

Leave a Reply

Your email address will not be published. Required fields are marked *