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Last modified on Friday, 14 November 2008 04:48
Boffins in Australia have come up with a battery-powered supercard which they claim will eliminate bank fraud.
The card includes an alpha-numeric display, built-in microprocessor, a keypad and three years of battery power. The user still has to enter a PIN, but a display shows a one-time number with which to authenticate each online credit card transaction.
It will cost five times more than a regular credit card to produce and will be sold to bank customers during overseas trials for between $US18 and $US30 each.
The technology was developed by a small Deloitte-backed technology firm called EMUE Technologies, based in Adelaide and Melbourne. Trials will begin with an Australian bank in the first quarter of next year.
Visa is trying out the technology at one bank each in Britain, Israel, Switzerland and Italy. With EMUE's technology, even if all of a users' bank details are stolen, the hacker is unable to make any online transactions because the security code is different each time.