Now, a battery-powered credit supercard that fights online fraudNovember 12th, 2008 - 4:13 pm ICT by ANI
Melbourne, Nov 12 (ANI): An Australian technology firm has come up with a unique battery power super card, which they believe can fight online fraud.
The company reckons that it can stop up to 1 billion dollars a year in credit card fraud with its new revolutionary invention.
The card, which includes an alpha-numeric display, built-in microprocessor, a keypad and three years of battery power, will display a one-time number with which to authenticate each online credit card transaction, whenever the user will enter the pin number.
The technology was developed over two and a half years by a small Deloitte-backed technology firm based in Adelaide and Melbourne called EMUE Technologies.
EMUE’’s chief executive, Brendan McKeegan, said trials would begin with an Australian bank in the first quarter of next year.
Each card costs around five times more than a regular credit card to produce and will be sold to bank customers for between 18 dollars and 30 dollars each.
“The interest in this solution in the industry has been overwhelming and we look forward to working with the banks involved in the pilots to gain greater insights into how effective this solution can be in the longer term,” the age.com.au quoted Sandra Alzetta, head of innovation and new products at Visa Europe, as saying.
Mc Keegan revealed the technology could also be used for logging in to online banking and for verifying your bank’’s identity when it calls you over the phone.
With online banking, the password used is the code generated after typing your pin into the back of the card. He also explained that the pin was not stored on the physical card itself, so even if it was stolen it could not be hacked.
“When the card is created for the user it has a unique seed on it, and that unique seed is stored with the bank … along with the pin the user chooses,” he said.
“If I enter the wrong pin [into the credit card] it will still generate a number for me, but when I put that into the browser [to buy something] it will reject that as a transaction, he added. (ANI)
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