VISA pilots credit card with integrated PIN keypad

By Davey Winder
Tuesday, 11 November 2008 15:17

Technology

The Bank of America in the UK is amongst the first to pilot a new VISA credit card with an integrated PIN pad and one-time security code system for Internet transactions. So how does that work then?

Cardholder Not Present fraud, better known to online retailers everywhere as the most dreaded CNP acronym, has pretty much become the focus of credit card fraudsters now that 'Chip and PIN' has successfully started protecting the point-of-sale retail environment in many countries.

Those countries not participating, however, have seen an increase in credit card fraud. 

But you only have to look at how easily and cheaply stolen credit cards can be purchased on the Dark Web to understand the scale of this problem. Many criminal sites even give discounts for volume purchases and money back guarantees!

Now VISA Europe, in conjunction with EMUE Technologies, has developed the VISA PIN Card. Billed as a stylish and powerful solution to the growing challenge of CNP fraud, it certainly looks the part.

It looks, for all intents and purposes, like one of those credit card sized calculators you can pick up at car boot markets, but with less buttons. However, under the skin this represents a major breakthrough in fraud prevention technology as far as VISA is concerned.

The PIN keypad and eight-digit alpha-numeric screen, although small, are the hint at the security power of the card. Technology is built-in that enables a secure one-time-only code to be generated and displayed in order to validate the transaction.

Oh, and it includes a built-in battery designed to last for at least three years.

So how does it work, exactly? And what does the VISA CEO have to say about this new security technology? Find out on page 2...

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