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 Monday, November 10, 2008
Visa trials PIN payment card to fight online fraud

Visa cards with a built in one-time code generator are to be trialled by four European banks. The technology is designed to tackle the growing problem of online credit card fraud.

MBNA, a Bank of America company in the UK, Corner Bank in Switzerland, Cal in Israel and IW Bank in Italy are to take part in limited trials of Visa's new one-time code card.

The next-generation cards feature a numeric keypad on the back of a plastic card. Customers enter their PIN code to generate a one-time password. This code, displayed on a cardís display panel, is then used to authenticate online purchases.

The approach is an alternative to using a password when authenticating online purchases through the much-criticised Verified by Visa scheme. As previously reported, VbyV passwords can often be easily reset knowing only card details and a user's birthday.

The new cards, developed in conjunction with Australian firm Emue Technologies, are far more secure - though not infallible. Some banks have already introduced two-factor authentication technologies, which grew up in the corporate remote access market, to provide extra protection to online banking transactions.

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