New credit card aims to cut down fraud
By UK CreditCards.com
Visa is testing a new credit card that could help tackle the problem of card fraud by ensuring that a personal identification number (PIN) must always be entered for a transaction to take place.
Currently, a large amount of fraud takes place in situations that do not require a PIN -- such as over the internet or the phone -- giving rise to the term card-not-present (CNP) fraud. Visa's new Emue Card, which is currently being tested by employees at financial services firm Deloitte, aims to defeat the problem by featuring an inbuilt keypad and display.
Cardholders must enter their PIN into the card, which will then display a unique number that needs to be used for a transaction to take place.
"We are continually working to make Visa the most secure and convenient choice for both corporate and consumer cards," said Sandra Alzetta, senior vice president for innovation at Visa Europe.
"By embedding a battery, PIN pad and LED screen in a payment card, we believe we are offering the most innovative card product in the marketplace."
According to UK payments association Apacs, CNP fraud was responsible for £328.4m in losses last year.
Published: 15 May 2009
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