One-time passcode cards in Europe With Visa

Visa has launched a payment card in Europe that contains a keypad and an eight-character display for showing a one-time passcode, an additional defense against potentially fraudulent Internet transactions.

Visa Inc. is an American global payments technology company headquartered in San Francisco, California. Visa connects consumers, businesses, financial institutions and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and checks.

Visa’s CodeSure also acts as a chip-and-PIN (personal identification number) card, where people enter into a terminal a four-digit pin that is confirmed by a microchip within the card during a face-to-face or cash machine transaction. Online transactions, however, are more susceptible to fraud as they do not use the PIN, often relying only on the details printed on the card. A hacker who has obtained details such as the card’s number, expiration date and three-digit security code, may be able to make a purchase online.

Visa and MasterCard have been pushing online merchants to implement the more stringent 3D Secure (3DS) system, also known as Verified by Visa or MasterCard SecureCode. But 3D Secure still uses a static password selected by a consumer and is vulnerable if someone mistakenly reveals their password through a phishing attack.

The alphanumeric display and a keypad on Visa’s CodeSure card overcome that vulnerability. During an e-commerce transaction, the customer would press the “Verified by Visa” button on the card and enter their PIN. If the PIN is correct, the card will generate an electronic one-time passcode that can be entered into the Verified by Visa frame. This one-time passcode is only valid for a very short period of time. If it were to be intercepted by a hacker, it would have to be used quickly before it expire

Source from ComputerWorld

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Article by Ivan Kristianto

Ivan Kristianto is a profesional web developer and blogger. Very interest with free and open source software. Follow my Twitter: @ivankrisdotcom or Facebook profile IvanKristiantoBlog or Email me at ivan@ivankristianto.com

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