Visa may be on the verge of making life for credit card fraudsters much more difficult.
According to a BBC report, the company is in the process of testing the new Emue card, which can generate and display a unique code each time it is used.
A PIN must be used to generate the code and the technology could therefore help prevent card-not-present fraud, where goods are bought by a criminal on the internet or over the phone, using a stolen card.
In effect, the principal of chip and PIN, which has already helped reduced fraud, could enter the world of online and telephone transactions.
A secure one-time-only code is displayed to the cardholder via an eight-digit alpha-numeric screen integrated into the card and the battery that makes the display possible is designed to last for three years.
The display is, of course, combined with the usual account number, magnetic strip and the three-digit security code.
A pilot study involving 500 Deloitte employees is underway and Visa hopes to have completed its assessment of the technology by the end of this year.
According to APACS, which represent the UK’s payment services providers, card-not-present fraud accounted for around £328.4 million in 2008, up 13% on a year earlier.