Built-in second factor of authentication could slow online card fraud

Nov 11, 2008 | 05:37 PM
By Tim Wilson
DarkReading

Visa is testing a new credit card that can generate a random-number passcode to help ensure it won't be used by unauthorized individuals.

In trials starting this week at four banks -- Bank of America UK, Corner Bank in Switzerland, Cal in Israel, and IW Bank in Italy -- Visa and EMUE Technologies are testing a Visa PIN card, an alternative to the "CCV" code currently printed on the back of most cards to help ensure that the individual is actually in possession of the card. The technology was first introduced in June.
An alphanumeric display and keypad is built directly into the card. When making a transaction online, customers type their PIN into the card, which creates a one-time security code. That code can be entered into a Website or given to a phone operator to help reduce "card-not-present" (CNP) fraud, the companies said. The card features a battery that lasts three years.

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