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| » 13 May 2009 |
| New Visa card technology helps prevent fraud! |
Credit card fraud has been one of the problems consumers and companies have to deal with for a long time. Visa is introducing a new technology to help prevent these kinds of fraud. Called the "Emue Card" which is actually a small computer embedded into your credit card that gives a unique security code to identify you when making online purchases on the internet.
Although the customer has the pin and the card has many security measures embedded on it like its chip, hologram, and signature, online shopping sites do not check this when a customer shops online. and since the nature of online purchasing is usually anonymous, this gives criminals of credit card fraud incentive to commit this type of crime.
Visa is testing this new system on 500 Deloitte employees according to BBC news and has high hopes this new addition to security will help reduce Credit card fruad. The Card owners would notice a numeric pad at the back of the card where they enter their pin, and a new security code is displayed a very small display on the upper left side of the card just below the magnetic strip and above the authorized signature box. Such technology is targeted at reducing the type of fraud called "Card-Not-Present" (CNP) fraud where the Customer enters her card information into the internet to do on-line purchasing. As this type of fraud accounts for 50% of all Credit card fraud, including this new layer of security is a great contribution to banks and customers alike.
And as international banks report the rise CNP fraud by about 13% in the previous year, once Visa certifies the technology, consumers would be able to feel safer knowing that this technology makes it more difficult for Criminals to commit CNP fraud. Even as Criminals still try stealing identity information and credit card information from unsuspecting victims, now they have to know your pin and crack this new security technology in order to make online purchases. And since only the owner of the card knows their PIN number and the scientists and developers know the technology, this new security layer shows great promise in reducing CNP fraud.
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