Related Credit Card Article

"Credit card fraud could be tackled by state of the art card"

By admin | January 16th, 2009 | Credit Cards

According to a recent report a new state of the art credit card that is due to be trialled in the UK next year could help to minimise on credit card fraud. Many people use credit cards to make online purchases these days, and there are concerns that many of those using their cards to make purchases could be putting themselves at risk of becoming victims of credit card fraud, which has increased over recent years.

The new card, which comes from Visa, uses specialist technology to try and reduce credit card fraud. The card come equipped with a built in keypad and LCD display. Whenever the cardholder makes a purchase online they will have to key in their PIN into the card and a special code will come up on the LCD. This code is then entered on the website in order to authorise the payment. Each time the code that is given is unique, and the card is expected to prove popular when it is trialled next year.

Officials from Visa have high hopes for the card, and think that by cutting the instances of online fraud through increased security the card could actually help to increase the popularity of online shopping.

One official said: ‘We saw a big rise in online shopping, but consumers were still worried about fraud. We hope this new card will help allay those fears, and give consumers more confidence when shopping online.’

Many people decide to avoid making purchases online because they have heard a lot about online fraud and do not want to become victims of this type of activity, but this card, according to officials, could help to reduce these concerns.

Tags: credit card fraud

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