Washington: A next generation credit card developer is reportedly planning to launch a high-tech version with a keypad to contain credit-card frauds.
Jeff Mullen, the Pittsburgh-based company's founder and CEO said that Dynamics had the technology where it can essentially eradicate credit card fraud.
According to CBS News, after entering the personal code into the five buttons on the card's face, one can see the full credit number after hitting 'enter'.
Also, on entering the correct combination, the card's magnetic stripe is automatically activated, which makes it easier to use with regular credit card readers.
Mullen said that every time one swipes the card, there's a different dynamic code that's written onto that mag stripe that's unique for that purchase, so, if someone does skim and steal one's credit card number from, for example, a merchant breach, they cannot use that to make anothertransaction , because they do not know what that next code is.
First Published: Sunday, March 16, 2014, 20:44