Home Business NewsBusiness New digitised bank cards could help counter fraud

New digitised bank cards could help counter fraud

by LLB Reporter
28th Nov 16 9:33 am

Could new tech change the way we do banking?

Many UK banks are considering introducing a new digitised bank card that can help massively when tackling fraud.

Instead of the usual permamnent three-digit code and security strip, the new card features a constantly changing read out on the back.

Gemalto, a digital firm creating the cards, claims the new technology will be virtually impossible for fraudsters to steal customers bank accounts.

The card is operated by a battery and a microchip, which renews a three-digit code every 20 minutes.

Gemalto spokesperson Lysa Coombs told Sky News: “It means that you physically have to have the card in your possession in order to make a purchase online or over the telephone.” 

“If you have simply harvested the card’s details to commit fraud, you won’t be able to do that as you won’t have the up-to-date security code.”

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