As (presumably) people with a passing interest in technology (yes, even you Motorola fans) I'd suspect online shopping is a fairly regular occurrence in your day-to-day lives. In which case I suspect you share my common concern about the wisdom of sharing that vital 'proof of ownership' security code printed on the back of your cards with every single transaction? Thankfully, so does Visa.
In the biggest revamp the humble credit card has seen for many a moon, Visa Europe has announced the trial of an innovative new card designed to make shopping online and over the phone safer for consumers.
As the photos conveniently give away, the new card incorporates a 12 digit keypad and display on the back and a very simple system: key in your pin and generate your one-time security code - goodbye terrifying permanent number. In fact the official three steps are listed as:
1. When shopping online or logging in to an online banking service, the consumer activates the authentication process by pressing the appropriate option button on the card's keypad
2. When prompted the consumer inputs their standard PIN into the keypad embedded in the card
3. A unique one-time-only code appears on the card's display panel, which is then used by the consumer to authenticate the transaction
Impressively, this swanky Visa can also be used to verify your bank's identity should it call you over the phone, is no thicker than a standard card and is claimed to be just as durable. The battery is also designed to last a full three years.
"Visa Europe is excited by this new product, which we believe greatly increases security and consumer confidence to shop online," said Sandra Alzetta, who holds the rather nice title of Visa Europe SVP and Head of Innovation and New Products. "The interest in this solution in the industry has been overwhelming and we look forward to working with the banks involved in the pilots to gain greater insights into how effective this solution can be in the longer term."
Four banks (MBNA, a Bank of America company in the UK; Cornèr Bank in Switzerland; Cal in Israel and IW Bank in Italy) will start the pilot in the next few months (damn you Barclays!).
Anyone, anyone not think this is a good idea?
...didn't think so.