Online credit card fraud is a rapidly growing problem. Thieves can steal your credit card info in a number of ways, such as hacking various consumer websites, or phishing, where they trick you into handing over your information yourself. Once they have your credit card numbers, thieves can go on a spending spree until you or your bank notice, and by the time that happens you can wind up with thousands of dollars in debt.
Many banks try and combat this problem by flagging suspicious transactions, but this is an imperfect system that can miss real fraud and accidentally catch legitimate use. Now, two French banks, Société Générale and Groupe BPCE, are introducing a new system to prevent fraud.
The new system, developed by Oberthur Technologies, is called Motion Code, and it changes the security code on the back of the credit card every hour. That way even if a thief does steal the info, it will be useless in less than an hour, preventing nearly all fraudulent transactions.
Other than a small screen on the back, the card is identical to the ones you already own. It’s durable and waterproof, and the same size and thickness of a regular credit card. The small lithium battery that powers the screen will last three years, at which point the card will expire.
This card will soon be available in France, with pilot programs being conducted in Poland and Mexico, with plans to expand to the UK soon.
Source | popularmechanics
