Today, more than ever, it’s important that innovation keeps bank card security ahead of the criminal world.
The problem with current bank card security
Nowadays, there are unique security issues that we all face. The last time you used your card online, Google probably asked would you like your details to be stored. The only thing it doesn’t store is our security code on the back of our cards, which we must enter to complete orders.
This is easy enough for determined modern day criminals to get around. Some banks are now looking to introduce digitised bank cards to fight back against crime.
Gemalto to introduce a new digital standard
Digital security firm Gemalto, are looking to redesign the bank card. The new card can change the security code on the back of your card every 20 minutes. In an effort to fight “card-not-present fraud”, the card will include a microchip and a battery. There’s no word on how exactly they plan on inserting a chip and battery into the very slim cards.
The new card can change the security code on the back of your card every 20 minutes.
We’ll leave that to the professionals. But the cards are already being adopted in Latin-America, so they might not be far off. Gemalto Vice-President said: “From the experiences we have had elsewhere outside of Europe, we are certainly seeing card holders like it for one key reason, that there’s little change to the process they are currently using.”
Online fraud rose by 31% in the UK in the first 6 months of 2016. It cost victims £321 million. Gemalto’s innovation requires users to have the card in your possession while making a purchase. The fact that it is a minor change in how you purchase items online means that it should be hassle free from consumers and hopefully will be welcomed with open arms. Hopefully, Ireland won’t be far behind in adopting it. Which is good news if you’ve got a tight friend in the group that doesn’t pay for drinks.
