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Visa unveil new weapon VISA has begun showing New Zealand banks a new weapon in the fight against fraud that could improve the security of both online shopping and Internet banking transactions.It is a credit card made by Californian firm InCard Technologies that incorporates an lcd display that flashes up a seemingly random eight-digit numeric code when a button on the card is pressed. The card is designed to ensure fraudsters can't make purchases using credit card data stolen from online merchants or users' computers, since they would need to be in possession of the credit card itself to complete a transaction. Visa New Zealand country manager Iain Jamieson says the concept is that consumers would key in the code along with their card details within a minute or two of making a purchase online. Visa would check that the code matched one that should have been displayed on the card at the time, before accepting the transaction. Mr Jamieson believes the hi-tech credit cards could also replace other "two-factor identification" devices such as electronic key-ring tokens issued by ASB Bank and printed "battleship" cards BNZ intends to provide to its customers. The code on the card could be entered, along with the holder's login and password, to confirm an Internet banking transaction. "Given where New Zealand sits as an early adopter of technology, I can't see any reason why they wouldn't become standard practice in a few years' time," Mr Jamieson says. "Everyone who I have showed the card to thinks it is a good idea." Visa says the credit cards are likely to be trialled first by banks in Britain and France. However, it isn't committed to adopting the technology and isn't yet promoting it to consumers. |
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