Visa is piloting two new systems designed to prevent credit card fraud, according to a Computerworld article.
One of the tests involves Fifth Third Bank. The institution is issuing cards that have unique digital fingerprints on the magnetic stripe of the card. Each stripe contains unique characteristics that can be captured and used to verify the card.
Another technology is being piloted at OfficeMax Inc. It involves the use of a challenge-response technique at the point of sale. When making a purchase the consumer is asked to respond to different questions, such as ZIP code, the last four digits of the phone numbers, or the first three digits of their area codes, as part of the transaction approval process.
A Visa executive quoted in the story also was not opposed to the idea of using chip and PIN technologies, which are widely used in Europe.
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