Visa's new credit card to stop online frauds
London: The new Visa CodeSure card is of the same size as a conventional credit card but features a miniature keyboard and screen. It is used to generate a constantly changing series of unique security passwords required to authorise purchases over the Internet, the 'Daily Mail' reported.
Head of Innovation at Visa Europe, Sandra Alzetta, said: "This exclusive Visa solution is an extremely convenient way to bring a similar level of security to payments online as we now enjoy on the high street.
"The solution goes beyond online and remote shopping but also allows organisations to use the card in place of other online log-in systems to access."
The card includes a 12-button keypad, a screen and a battery that will power the security system for 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.
Visa said the same card can be used to generate secure passwords to allow customers to access their online bank accounts. This avoids using the same password all the time.
Visa has worked on the card with Emue Technologies and has conducted trials in the UK, Italy, Israel, Turkey, Switzerland and Germany.