With many people choosing to shop online this year rather than brave the massive crowds of Christmas shoppers, a higher security risk of online fraud has been announced.
Many people lose hundreds of pounds each year due to online fraud and the amount lost is still increasing. To try and fight this recent wave of online attacks, MBNA will be trialling a new card in 2009 that will hopefully prevent many online fraud occurrences.
The new cards that will be tested will be identical in size and shape to current credit cards, but these new cards will feature a 12-button keypad on the back of the card along with a display that will be powered by a battery that lasts up to three years.
Anybody who wished to purchase something over the internet will have to input their PIN number onto the keypad and a security code will then show on the display. This code will then have to be entered into the website that you are wishing to purchase an item from. If the code is authorised by Visa’s servers then the purchase will be approved.
With the introduction of this new card companies are hoping customers will feel more secure when purchasing items over the internet and will hopefully boost the amount of sales taken place. A member of the team who has developed this new card commented that they hope it will help to reduce the fears of online shoppers and put their minds at ease when purchasing something online.
This new card will not be able to remove the threat of online fraud completely but should be able to reduce the number of occurrences we see at the moment.
These new <a onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="http://www.moneysupermarket.com/cards/" title="compare credit cards">cards</a> are due for release in early 2009 but will only be on offer from MBNA. Hopefully the new technology will be implemented on all new <a onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="http://www.moneysupermarket.com/cards/" title="compare credit cards">credit cards</a> and <a onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="http://www.moneysupermarket.com/cards/" title="compare interest free credit cards">interest free credit cards</a>.
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