Visa trials code-generating credit card

13 May 2009

Credit card provider Visa has launched field trials of a new type of card that uses a unique transaction code to fight online, phone and mail order fraud, according to reports.

The Emue Card is designed to fight fraud by adding an extra layer of security to card not present (CNP) transactions, the BBC stated.
At present, CNP transactions require a 16-digit card number, an expiry date and a three-digit security code, all details that fraudsters have access to with stolen cards.

However, the Emue Card would generate an additional four-digit code that would also be required before each transaction is approved.

Visa's Sandra Alzetta told the BBC that the code would act as a digital version of chip and pin technology.

The field trials will see 500 employees from professional services firm Deloitte use the cards and Visa hopes to have assessed the effectiveness of the technology by the end of the year, the corporation noted.

According to figures from UK payments association Apacs, £328.4 million ($498.1 million) was lost to CNP fraud during 2008. This is compared to losses of £290.5 million the year before and £150.8 million in 2004.

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