Friday, March 04, 2011

Visa Card with one-time code (Scenario 1)

Paris, 4 November 2008 Visa Europe today announced that a range of Europes leading banks will take part in pilots of its new card with a one-time code solution which was announced a few months ago. Four banks including MBNA, a Bank of America company in the UK, Cornèr Bank in Switzerland, Cal in Israel and IW Bank in Italy will all start to pilot the new solution over the next few months. The Visa card with one-time code offers banks an innovative solution to authenticate consumers through an alpha-numeric display and a 12-button keypad built into a conventional credit, debit or prepaid card. It is a neat solution for consumers to use and also contains a battery designed to last three years. The product has been developed in conjunction with EMUE technologies. Thanks to this product, cardholders will be protected by a secure solution for online shopping, when ordering over the telephone or for online banking. When used with Verified by Visa (VbV) the consumer would not need to register or remember usernames and passwords, instead they would enter their PIN into the card which creates a unique code for a specific purchase or transaction. The card will help in the fight against card-not-present (CNP) fraud in two ways. Firstly, as the one-time code generated is for a specific transaction, once used it cannot be used again by anyone. Secondly a fraudster would need to be able to get hold of a card and know the persons PIN in order to commit fraud. By positioning this <b>...</b>
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