Credit card companies are experimenting with new technology in an effort to further fight fraud.
That shiny new chip on your credit card has done a lot to combat fraud, but there’s still more to be done. Banks are experimenting with everything from fingerprint scanners to numbers that constantly change.
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For starters, Mastercard recently unveiled a new biometric credit card. It uses a fingerprint reader to verify your identify before a transaction can go through.
Image Courtesy Mastercard
The company currently testing the card at grocery stores in South Africa.
Recently, I visited a company called Oberthur Technologies. They manufacture the cards that are in wallets worldwide.
After a very serious security check, I got to see everything from glow in the dark cards to cards you can scratch and sniff!
They have pioneered a new feature called motion code that fights fraud in an entirely new way. The card verification value (CVV), you know the digits on the back of your card – is actually a tiny digital display made of electronic ink like you would find on a Kindle.
The number changes at regular intervals, so even if someone steals your card number, it won’t work.
“That motion code effectively provides a degree of security for online transactions that you don’t have today,” explained Martin Ferenczi, Oberthur Technology’s President for North America.
A bank in France is the first to offer them to customers, who pay about 1 Euro extra month for the more secure card. Also, since there is a battery inside, the average lifespan of the card is about 3 years.
One more way to protect your card: tap your phone!
Apple Pay, Samsung Pay and Android Pay don’t actually transmit your real credit card number to merchants – they send a one-time code through the system, which means your original digits are never shared. This is more secure in case a business gets hacked since your credit card won’t be affected.
Bonus: Here is a look at 8 unique credit cards I saw at Oberthur!
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