Visa Europe announced Cornèr Bank in Switzerland would take part in a trial to pilot a new security solution designed to protect online purchases. The trial will involve 500 Cornèr Bank customers signed up to Visa’s online protection solution Verified by Visa. The new product enables cardholders to enter a one-time passcode generated by the card instead of a password.
The Visa one-time code card has been developed in conjunction with EMUE technologies and was launched in June to combat the threat of card-not-present fraud. The front of the card looks like a traditional payment card, while the back has an eight-digit alphanumeric display and a button keypad. The card incorporates a technology that generates a secure one-time only code displayed to the cardholder via the integrated alphanumeric screen. It has a battery designed to last for three years.
The technology authenticates online transactions when ordering over the telephone or via the Internet. The Visa one-time code card works by proving that the cardholder making the transaction has it and knows the PIN.
The process of validating the transaction is done in 3 simple steps:
- When shopping online or logging on to an online banking service, the consumer activates the authentication process by pressing the appropriate option button on the card’s keypad
- When prompted the consumer inputs their standard PIN into the keypad embedded in the card
- A unique one-time-only code appears on the card’s display panel, which is then used by the consumer to prove that they are the real cardholder