How A Secure Code Credit Card Could Protect You

You're right to be cautious when you tap your precious bank details onto a website

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In March the UK Cards Association reported that online banking losses had increased to 59.7m in 2009 - that's a 14 per cent rise from the year before.

However, Visa Europe's leading payment system has recently introduced a solution: a revolutionary Visa card that aims to enhance the safety of online transactions.

After many consumer pilots and extensive trials, Visa has announced that their innovative CodeSure card device is ready to be taken by banks and will shortly be available to UK customers as an option in any everyday credit card comparison.

For the first time ever, the security device will be embedded in the card itself, with no further need for an extra card reader.

From the front the product looks just like a standard debit or credit card, but on the reverse it boasts a built-in 12-button keypad and an LCD screen just above the signature strip.

The new Visa CodeSure is also compatible with the pre-existing 'Verified by Visa' systems where users tap in a personal password after they have submitted their bank details online.

It's likely to be used for purchases cards (as opposed to, say, 0% balance transfer credit cards) at first.

The technology will work for any Visa debit, credit, pre-paid or commercial card.

Validating an online transaction can be achieved in three simple steps.

One, after typing in your card number as usual on the website, you then activate the authentication process by pressing a "Verified by Visa" option your card's keypad.

Two, you are then prompted to put in your PIN code into the keypad embedded in the card.

Third, a one-time-pass code then appears on the card's display, which you then use to authenticate the online transaction.

Visa claims that this new technology online fraud will significantly reduce fraud, as the card owner needs to enter their PIN for every transaction they make.

Alzetta is confident the card will be as durable as the traditional cards we use every day. Although the technology will be more expensive to produce, banks are expected to get on board in a bid to reduce fraud and enhance online security.

So for those who are concerned about online security, the Visa CodeSure is a welcome development - and the new technology could be in your hands very soon. Visa has announced that its UK customers should receive a new card within months, rather than years.

by: Helen Glaberson

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