19 October 2016

BUSINESS - New Credit Card Prevents Fraud

October is Cyber Security Awareness Month and the Canadian Anti-Fraud Centre (CAFC), the central agency in Canada that collects information and criminal intelligence on such matters, is encouraging awareness of such matters.

(Oberthur Technologies)
One important issue is credit card fraud.

Credit card fraud has been a long time problem, and one that continually evolves.

Criminals are always looking for ways to obtain card data and use the information to manufacture a counterfeit card, or make telephone or Internet purchases.

Credit card losses in Canada add up to hundreds of millions of dollars each year, with numbers in the billions in the US.

Thankfully there are many ways for consumers to protect themselves, and Oberthur Technologies has just announced the development of a new card all together.

The newest arsenal to the fight against fraud is a credit card with a digital display that randomly generates a security code.

The card provides an extra layer of security by replacing the static printed three-digit security code on the back of the card with a mini screen which displays a random code that changes automatically every hour.

It is powered by a thin lithium battery designed to last for three years.

"The technology has existed for some time so now it will be a case of persuading card processors that it is worth doing," said Prof Woodward.

Oberthur Technologies is currently in discussions with UK banks about rolling out the technology and will have cards "in the hands" of consumers in France by the end of the year.

By Cori Imbery
Cori is an animal lover and marketing consultant with over 15 years’ experience developing and enhancing in market activities. She brings to the table a 360-degree view that highlights different perspectives and opens minds to possibilities. She is also an artist and creates ultra-realistic pieces in graphite, pastel pencils and acrylics, but loves to play and experiment depending on what the vision calls for.

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