A New Type Of Credit Card May Defeat Fraud

By Personal Finance MoneyTips.com

French digital security company Oberthur Technologies has recently introduced the Motion Code™ credit card. Currently being tested by two financial institutions in France and a bank in Poland, the card has a small screen embedded on the back containing the security code or card verification value (CVV). While this is not revolutionary, that the CVV changes every hour is. This technology makes it almost impossible for any hacker to use a stolen credit card number after the security code has changed.

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This randomly-generated code would protect a huge number of credit card users, many of whom don't realize that their card details have been stolen until several days later. Once found, the damage may already have been done, with the card information used to make thousands of dollars in purchases. While the cardholder is not responsible for repaying these purchases, the retailers involved will have lost their merchandise. Also, the cardholder has to wait to receive a new card and to change any recurring charges, which all takes time.

This article was provided by our partners at moneytips.com.

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