A New Type Of Credit Card May Defeat Fraud

The Motion Code credit card features a changing security code

A New Type Of Credit Card May Defeat Fraud
October 7, 2016

French digital security company Oberthur Technologies has recently introduced the Motion Codeā„¢ 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.

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.

One disadvantage to the Motion Code card is that users have to enter the randomly-generated number with every purchase they make online. This means they'll need to have the card in front of them when shopping. The technology also does nothing to stop physical card theft, it only protects against phishing attacks and card cloning or skimming at an ATM.

Oberthur Technologies plans to test the card in the UK next.

If you want more credit, check out MoneyTips' list of credit card offers.

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