Saturday, July 25, 2009

A revolution in the credit card industry

We all use plastic money. We hear about identity theft too. But still use the card, assuming that we will never be targeted. This is the common human thought, though we could be the next targets. There has been a new type of fraud that happens these days and that is card not present (CNP) fraud. This happens in the e-commerce industry, where neither the card nor the card holder is present at the point of sale. So this makes the verification process very difficult and hence gives a lot of chances for fraud to take place. VISA has come up with anew scheme along with EMUE technologies, and that card is called EMUE card. It is a very impressive credit card with an in-built electronic display and also a keypad. So how does it work?

One has to pinch in his pin number using the keypad. This will result in a transaction number, which can be used only for that particular transaction. This transaction serves as a layer of authentication and helps fight the fraud transactions that will take place in the CNP scenarios. So only those who possess both the card and the pin number can make the transaction. It is hoped that this will reduce the fraudulent transactions by a great extent. Take a look at the card, in order to believe it! It is unbelievable but it is going to be revolution of sorts. Are you ready to embrace this technological revolution?

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