Banks operating in the whole of United States may soon adopt a new cyber defense technology to keep their user’s financial data safe while they use their respective credit or debit cards for online shopping.
Oberthur Technologies, a French Digital Security company has designed a new mechanism which helps change the Credit Verification Value(CVV) on a Credit or debit card 72 times every 24 hours. Thus, this new digital defense mechanism can help online shoppers keep their financial data safe and secure from prying eyes.
Technically speaking, the display which reveals the CVV on the card will be powered by a micro-thin battery which assists in changing the CVV on a frequent note each day. The EMV chip which is embedded as a small metallic colored square is usually found on the left side of the plastic card. Every hour, the chip helps to generate a new CVV code, making it far more difficult to imitate a payment card transaction.
Therefore, US merchants who haven’t exactly embraced the most recent technology upgrades to keep their consumer’s data safe can opt for this Oberthur’s Motion Code Technology. Additionally, merchants need not buy expensive and new hardware to process transactions topped with the said motion code technique.
This technology which can help users isolate themselves from cyber criminals will be available from early 2017 for all banks to adopt.
As per a Nilson Report, which tracks payment card data, Americans occupy 23 percent of global online purchases. And unfortunately, over 39% of the world’s credit card fraud also takes place in the same said continent.
Till October this year, over 2 million of US merchants installed chip readers. But most of them haven’t used them yet.
Instead, if the merchants start using Oberthur’s motion code technology it will not only improve the safety of in-store and online payments but will also cut down the need of special hardware by 80%.
With smart phones now being used to make digital payments, plastic money usage has come down on a drastic note in the past couple of years. But when it comes to security, as the new motion code technology assures more financial data security, the said aspect has the potential to surge the usage of credit or debit card again.