Visualize life without charge card fraud. Impossible, you may say, and you would probably be right. But any effort to reduce credit card fraud is a huge benefit to all of us.
Each time your charge card is cloned or skimmed from an ATM or by a scammer or swiped from a site or a phishing attack, your credit becomes free game for cyber criminals to use till you discover the problem and notify your credit card company.
You may have thought that the new EMV chip cards were going to eliminate credit card fraud. Well at least that what your credit card company told you when they sent you the new card. While it’s true, the EMV chip cards can’t be “skimmed” like the plain magnetic strip cards it turns out that does not solve online credit card fraud, which is the most common.
All That might soon be a distant memory, many thanks to a new technology innovation: A bank card with a rotating protection code.
The new card, referred to as Motion Code, has a small display screen on the back of the card. This display produces a new security or CCV code every hour. This process renders the credit card useless for online purchases unless you have the current security code.
The drawback for the individual is that they will have to provide the auto-generated security code each time they buy. Bad news for anybody who’s memorized the numbers on their card.
It’s not the only disadvantage. The card will stop on-line charge card fraudulence, however, won’t help if a thief steals your physical charge card.