Visa has announced that it is trialling a credit card that has a built-in display to generate and display a unique one time passcode.
According to BBC News, ‘developers say that the new technology would make it very hard for fraudsters, as any transaction would require the pin to generate the code.’ It is apparently being trialled by 500 employees of Deloitte with an aim to assess the technology by the end of the year.
Sandra Alzetta, head of innovation at Visa, told BBC News: “The card needs to be globally compatible: that means embossed characters for mechanical swipes, a magnetic strip for systems that require a signature, the fixed three digit security code and now the unique four figure code.
“I see this as a very consumer focused product and any Visa bank could add it to their commercial cards and make it available, assuming it passes muster.”
Those of us in the security sector know that there are attempts to cut down credit card fraud on all sides, from education and technology perspectives as well as with product development. Although this does sound like a good idea, and Visa should be commended for trying something different, this really is nothing new.
CRYPTOCard already offer a credit card with display token, that it calls the CD-1, that it describes as ‘a simple to use, robust, and incredibly secure token that combines with CRYPTOCard’s award winning server and managed services authentication solutions to provide easy to integrate market leading two-factor authentication functionality to financial services institutions as part of an advanced on-line, retail or business banking channel strategy or retailers as the next step in enhancing security of loyalty cards and on-line catalog systems.’
Along with this, there are one-time password generating tokens in the market from the likes of VeriSign and CRYPTOCard of course. So while Visa should be commended for taking the concept of security in hand, they may have to question how this will work overall and how original it really is, or is the major brand name really enough to sell this?