Battery Power Credit Card to Fight Online Fraud

 Looks like a calculator, works like a credit card

An Australian technology firm has come up with a unique battery power super card, which they believe can fight online fraud.

The company reckons that it can stop up to $1 billion a year in credit card fraud with its new revolutionary invention.

The card, which includes an alpha-numeric display, built-in microprocessor, a keypad and three years of battery power, will display a one-time number with which to authenticate each online credit card transaction, whenever the user will enter the pin number.

The technology was developed by a small Deloitte-backed technology firm based in Adelaide and Melbourne called EMUE Technologies.

EMUE’s chief executive, Brendan McKeegan, said trials would begin with an Australian bank in the first quarter of next year. Each card costs around five times more than a regular credit card to produce and will be sold to bank customers for between $18 and $30 each. This week Visa announced it was piloting EMUE’s technology at one bank each in Britain, Israel, Switzerland and Italy. The bank in Britain is Bank of America.

Mc Keegan said the technology could also be used for verifying your bank’s identity when it calls you over the phone. “When the card is created for the user it has a unique seed on it, and that unique seed is stored with the bank … along with the pin the user chooses,” he said.

“If I enter the wrong pin into the credit card it will still generate a number for me, but when I put that into the browser to buy something it will reject that as a transaction, he added.
Via The Times