Bank fraud by theft of credit card information, are one of the biggest problems for banks today. Every day, hundreds of customers around the world report that their card information was stolen, and online transactions were made without their authorization, costing banks and insurers millions of dollars.
To mitigate this problem, at present some banks offer their customers devices in the form of key rings called tokens, which display a numerical code on your screen that is updated every certain time interval. The number in the token is part of the data that the client has to supply when making transactions with the bank. But nevertheless, in most online stores this function is not yet enabled, and the credit card is still our only source of authentication.
To mitigate this weakness present in our current credit cards, without modifying the way they work, or how businesses work, Oberthur Technologies, a French company specialized in security, devised a method to combine token and credit card, creating a new smart card that they have called Motion Code, which makes it almost impossible for cybercriminals to use our data to commit fraud.
The Motion Code card has a tiny electronic ink screen on the back, which updates every so often, for example every hour, the three-digit verification CSC (Card Security Code) that we must type to complete online transactions. This means that if a cybercriminal obtains your card details, they will only have a couple of minutes to use it before it expires.
The Motion Code it has a battery and a processor inside which updates the card’s verification codes at regular intervals, just like a token device would. According to its creators, the battery life is good enough to exceed the date of exploration of the same.
At this time, two French banks (Société Générale and Groupe BPCE) have completed a pilot test phase with the Motion Code, and are preparing to implement it en masse with the rest of your clientsTherefore, we can hope that this technology will reach the rest of the banks soon, if their experience is positive.