To combat fraud, a credit card with digital display is to come. As a matter fact, the card has the smartness to randomly generate a security code.
The company working on it
A French digital security company, Oberthur Technologies is working with UK banks to roll out the technology. However, consumers in France will get the card by the end of the year.
In fact, every year banks lose millions due to credit card fraud.
Professor Alan Woodward, a cybersecurity expert from Surrey University, told the BBC “In some ways, it’s surprising it has taken so long for this to appear.”
The card provides an additional layer of security. It replaces the static printed three-digit security code on the back of the card with a mini screen. The screen displays a random code. The code is changing.
The company used a thin lithium battery. It spent about 3 years to design the battery for the card.
The Professor also said, “The technology has existed for some time so now it will be a case of persuading card processors that it is worth doing.” He added, “It may be costly for card operators as some extra infrastructure will be required to ensure our cards stay synchronized with the operator, but it happens already for many banks with the dongles they issue for login.”