I just read an article out of Australia that reports yet another major effort from Visa to curtail on-line eCommerce fraud. It’s interesting to watch these things get developed, rolled out, and fail.
This one goes as far as putting a keyboard and a display on the credit card to generate a one-time transaction code. Visa describes it as a “milestone in fraud prevention”. It sounds to me like it will be a milestone in expensive cards – which we’ll all pay for one way or another – and a milestone in complexity that opens a huge can of worms related to user errors.
Only time will tell how successful this technology might be in terms of e-Commerce fraud prevention, but my guess would be that there will be a way to defeat it and the bad guys will find it.
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