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New credit card could reduce fraud
A new digital credit card that could reduce the rate of fraud is being trialled by Visa and employees at Deloitte, it has been reported.
The Emue Card has a digital display which shows a uniquely-generated code after the user enters a PIN number, the BBC reports.
It is hoped the card will help reduce the rate of card-not-present fraud, for example online or over the phone, because the code must be entered for every purchase.
While the invention of chip and pin has helped cut fraud at the tills, the technology does not offer the same protection over the internet.
Head of innovation at Visa Sandra Alzetta said the card would bring the principles of chip and pin to the online world.
She said: "The card needs to be globally compatible: that means embossed characters for mechanical swipes, a magnetic strip for systems that require a signature, the fixed three-digit security code and now the unique four-figure code."
Recent figures from the UK's fraud prevention service Cifas revealed that identity fraud has risen 40 per cent in the first three months of the year, which it said was "exceptional".