Visa fights the growing problem of online credit card fraud

Visa trials one-time code cards. Four European banks are to trial this new technology and four more (MBNA, a Bank of America company in the UK, Corner Bank in Switzerland, Cal in Israel and IW Bank in Italy) are going to take part in limited trials of Visa's next-generation cards. The trials will start in the next few weeks and last from six-12 months, depending on the banks.

There is no surprise that Visa keeps its one-time code generating devices tight to its chest, and the commercial nature of its cost cannot be discussed outside of the banks Visa is working with.
The new cards which are aiming to provide extra protection to online banking transaction are considered big improvement of such sort. They developed in conjunction with Australian firm Emue Technologies that has managed to develop technology with a three-year battery lifetime.

New cards have a numeric keypad on the back of a plastic card. Customers enter their PIN code to generate a one-time password. This code, displayed on a card's display panel, is then used to authenticate online purchases. However, being far more secure than ever new technology is not infallible. Hackers tried more sophisticated attacks aimed at tricking users into handing over online credentials. 

The problem of online credit cards fraud is growing. Although new one-time code generating devices isn't the nostrum from online fraud it is a big improvement on using password. Moreover, using one-time password technology into a card also means users don't have to deal with multiple items of kit.

According to Visa spokesperson, Corner Bank has invited 500 to take part in the trials. Other banks will be running the trials with up to 3, 000 punters.