It looks like a normal credit card at first look but this card comes with a keyboard which embedded in card. This is with concerns to recent credit card frauds which has taken place in different parts of the world.The card has a small 12 button keyboard on back side and a small lcd panel for display. Visa has given the name Visa CodeSure card for this.
The cards are designed to deliver the improvement in security that was offered to consumers in high street stores by the introduction of chip and PIN cards.When a customer uses a chip and PIN card in a shop, the till confirms the card is genuine by recognising the microchip. Separately, the customer uses their four digit PIN to confirm the purchase.However, there is no such system for checking a card is real and belongs to the user when a thief makes a purchase over the web or by telephone.
As a result, thieves are making bogus purchases worth more than £266million a year simply by stealing the card numbers of victims and arranging for the items to be delivered to temporary addresses.Visa-s cards include a 12 button keypad and screen but also a mini battery that will power the security system for up to three years.The user will input their PIN on the keyboard, which will then generate a unique password, including letters and numbers, that will be typed into the web shopping store to approve a purchase.The card can only be used by a person who knows the PIN and it will generate a new password each time an internet purchase needs to be authorised.
How it works Simplified:
- User need to activate authentication process by pressing “verified by visa” key on card for any purchase or online account access/transition.
- User is asked the PIN number and which when provided is returned with a password for that unique transaction.
- This is password which you to enter for accessing account and purchase, its only one time and becomes invalid for another transition.