United Kingdom: Revolutionary cards to fight bank fraud

Author(s): UNK | Date: November 29, 2016 | Language: English
Source: http://www.skynews.com.au/ | URL: https://goo.gl/4jSK27 | Type: Text

UK banks are considering introducing a revolutionary new digitised card to counter a massive surge in bank card fraud.
The new card features a constantly changing digital read out on the back, instead of a permanent three-digit code on the security strip.
Digital security firm Gemalto, which is developing a version of the card, claims the technology will make it virtually impossible for fraudsters to steal a customer’s bank card details and use them to make purchases on the victim’s account.
Gemalto spokesperson Lysa Coombs told Sky News UK that the new card is operated by a battery and a microchip, which renews the three-digit code every 20 minutes.
Ms Coombs said ‘It means that you physically have to have the card in your possession in order to make a purchase online or over the telephone.

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