Payments technology company Visa has introduced a new credit card in Europe featuring a keypad and digital display, thus taking the battle against online fraud to the next level, Calcalist reported Tuesday.
Visa CAL is the only Israeli partner taking part in the program, and is believed to be considering introducing the card for regular use, Calcalist has learned. Some 300 Visa CAL clients are currently participating in the pilot program in Israel .
Despite its keypad, the card's dimensions are identical to those of its standard counterpart, and it is used just like any other credit card.
As noted, CAL is the only credit card company in Israel taking part in the pilot program with the credit card featuring the dynamic password producer, alongside the pilot program that Visa Europe is conducting with six European banks.
The new credit card ensures safer purchases through the use of an electronic keypad on the back of the card during each purchase made online or on the phone.
As part of the transaction, the customer creates a new CVV2 code - the code on the back of the card. After providing the card number, either online or on the phone, the customer then types the code that the card has received, which creates a unique CVV2 code for a single use.
The innovative technological solution will replace the three digit security code on the back of the card (CVV), and serves as a stringent form of identification during all remote purchases. The unique password changes for each purchase, verifying that the buyer is indeed the cardholder and preventing improper use of online payment systems.