Visa Europe may start announcing use of one-time password tokens by cardholders in Europe, according to a ZDNet Australia report.
EMUE, an Australia-based security vendor, says financial institutions in the country are going to start trialing the technology in the next six months as well. EMEU’s card contains a microprocessor, a 12-button keypad, a small display where the password appears and a battery. All of this is in the same form factor as a standard credit card.
To generate a password, the user must enter their PIN using the keypad on the card. Once the right PIN is entered, the card generates an additional OTP that can be entered into banking systems as a secondary authentication.
The card would be used to authenticate cardholder making purchases online. As EMV become more prevalent and fraud at the point-of-sale declines, criminals are going online to commit crimes. These OTP generators can help prevent online fraud.
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