Visa improves security for online transactions

News

Visa improves security for online transactions

Warwick Ashford

Visa has launched a payment card in Europe to improve security for online transactions.

The CodeSure card contains a keypad and an eight-character display for showing a one-time passcode for any Visa debit or credit card.

"As the cardholder is required to enter their Pin [personal identification number] for every online transaction, the CodeSure card will prevent any unauthorised use," Visa said.

The company has taken the step because online transactions are more susceptible to fraud as they do not use the Pin.

Online transactions often rely on information printed on the card and hackers who have these details may be able to make a purchase online.

Visa's Verified by Visa and MasterCard's SecureCode systems provide additional security, but still rely on a static password, which is vulnerable to hacker attacks.

The CodeSure card overcomes that vulnerability by displaying a unique one-time passcode after users enter their Pin using the keypad on the card.

"This is an extremely convenient way to bring a similar level of security to payments online as we now enjoy on the high street with chip and Pin," said Sandra Alzetta, head of innovation at Visa Europe.

The CodeSure card goes beyond online banking and shopping and also allows organisations to use the card in place of other online log-in systems to access, for example, corporate virtual private networks, she said.


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