May 15, 2009

Visa Emue - Anti-fraud credit card

A new credit card that is being tested by Visa offers some hope. This experimental card doesn't look or act like your standard credit card. The Emue Card as it is being called instead has a display on the back that enables the generation of a unique code each time it's used.
Here's how the Emue Card works: when making a purchase online, you enter your PIN into the little keypad that exists on the card. Assuming the PIN is correct, an auto-generated code is shown on the card's display and you enter that code into the appropriate field on the website payment page. This serves as an additional authentication layer for the transaction that would make it much harder, if not impossible, for criminals to engage in online fraud.
Because all the information needed to use a stolen credit card in a card-not-present environment is currently displayed on the credit card, it's easy for criminals to sell and use stolen credit cards. The Emue Card would change that by essentially requiring the possession of the original card and the correct PIN since there'd (in theory) be no other way to authenticate Emue Card-enabled transactions.

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