Emerging Technology Involving Credit/debit Cards
SearchPooch asked:
With an increasing trend in online shopping and transactions happening across the globe, there is an imperative need for a plastic card, which will be safe and secure to use. We need to address online fraud, more so in cases where card not present (CNP) transactions like a telephonic order. Every day, millions of consumers use the plastic currencies to make or receive payments across the globe conveniently and quickly. Is it safe and is it getting better?
Visa has a two-fold responsibility – to protect the information of the cardholder and to transfer value in a safe and secure environment devoid of fraud and theft. These transactions may be online or made in person. Visa Europe partnered with EMUE Technologies Pty Ltd to develop a stylish and powerful solution to address the growing cases of CNP fraud. They have been addressing these issues with initiatives like CVV2, and verified by Visa. They are testing a new Visa card with the help of MBNA (UK), Corner Bank (Switzerland), Cal (Israel) and IW Bank (Italy). This card has a built in computer that will generate a one-time password in a random manner. This new design has incorporated a microprocessor, a 12 button key pad, 8 digit number displays and a battery lasting a minimum of three years. It is a fully ISO compliant card, authentic and user friendly. This card can also be deployed for identity card purposes as well.
The card holder is given a pin number secretly. The individual is required to enter the pin into the card. This will then generate a number randomly and is displayed. This will remain the security code (CVV code) for all transactions and is generated only once. The validity and secrecy is maintained with only the individual having access to the PIN number.
Issuing banks have been given an unchallenged method in preserving the integrity and security during online, telephonic, personal transactions and a much safer method in cases of fund transfer. Thus, they ensure that the individual does not have to share his credentials with any other source that cannot be trusted upon.
For now, let us just wait and watch the response gained as these are monetary transactions before stepping in for action.
About EMUE: EMUE Technologies is a privately held Australian firm with a vision to address issues regarding authentication in an attempt to mitigate theft. They have partnered with Deloitte Touche Tohamatsu in 2006 to help roll out of the products and services. They are leaders in providing secure access.
Visa Europe became independent of the new global Visa Inc. in the year 2007. The new global Visa Inc. restructured and listed in the New York Stock Exchange in the year 2008. They have begun trading publicly with one the largest initial public offering in the U.S. A membership association was formed and operated by approximately 4600 European member banks in the name of Visa Europe. Together, they operate electronic payment network in a global manner by facilitating global commerce. They transfer information and value amongst financial institutions, merchants, consumers, and governments across 170 nations and territories.
Baby Sleep Tonight
Incoming Search Term :
With an increasing trend in online shopping and transactions happening across the globe, there is an imperative need for a plastic card, which will be safe and secure to use. We need to address online fraud, more so in cases where card not present (CNP) transactions like a telephonic order. Every day, millions of consumers use the plastic currencies to make or receive payments across the globe conveniently and quickly. Is it safe and is it getting better?
Visa has a two-fold responsibility – to protect the information of the cardholder and to transfer value in a safe and secure environment devoid of fraud and theft. These transactions may be online or made in person. Visa Europe partnered with EMUE Technologies Pty Ltd to develop a stylish and powerful solution to address the growing cases of CNP fraud. They have been addressing these issues with initiatives like CVV2, and verified by Visa. They are testing a new Visa card with the help of MBNA (UK), Corner Bank (Switzerland), Cal (Israel) and IW Bank (Italy). This card has a built in computer that will generate a one-time password in a random manner. This new design has incorporated a microprocessor, a 12 button key pad, 8 digit number displays and a battery lasting a minimum of three years. It is a fully ISO compliant card, authentic and user friendly. This card can also be deployed for identity card purposes as well.
The card holder is given a pin number secretly. The individual is required to enter the pin into the card. This will then generate a number randomly and is displayed. This will remain the security code (CVV code) for all transactions and is generated only once. The validity and secrecy is maintained with only the individual having access to the PIN number.
Issuing banks have been given an unchallenged method in preserving the integrity and security during online, telephonic, personal transactions and a much safer method in cases of fund transfer. Thus, they ensure that the individual does not have to share his credentials with any other source that cannot be trusted upon.
For now, let us just wait and watch the response gained as these are monetary transactions before stepping in for action.
About EMUE: EMUE Technologies is a privately held Australian firm with a vision to address issues regarding authentication in an attempt to mitigate theft. They have partnered with Deloitte Touche Tohamatsu in 2006 to help roll out of the products and services. They are leaders in providing secure access.
Visa Europe became independent of the new global Visa Inc. in the year 2007. The new global Visa Inc. restructured and listed in the New York Stock Exchange in the year 2008. They have begun trading publicly with one the largest initial public offering in the U.S. A membership association was formed and operated by approximately 4600 European member banks in the name of Visa Europe. Together, they operate electronic payment network in a global manner by facilitating global commerce. They transfer information and value amongst financial institutions, merchants, consumers, and governments across 170 nations and territories.
Baby Sleep Tonight
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment