Fraud News

Banks consider changing security codes on debit and credit cards every hour to foil online fraudsters

Author: Telegraph Reporters / Source: The Telegraph

Banks are considering adopting debit and credit cards where the security code changes every hour, to keep ahead of online fraudsters.

UK financial institutions are looking at the technology which has unveiled in France last year.

The new cards replace the printed three-digit security code on the back of the card with a mini screen which displays a random code that changes automatically every hour.

The development is encouraged today in a National Audit Office report that warns police forces are not doing enough to tackle the growing threat of online fraud.

The NAO said new cards with changing numbers could be “a positive step, as the re-design may help to stop an increase in online card fraud. However, such a plan requires all card providers to participate.”

Data threat | Five tricks hackers use to steal your bank details

  1. Using fake “free” WiFi networks to steal passwords
  2. Guessing obvious passwords like “123456”
  3. Social media stalkers who find out when you’re on holiday, using Facebook
  4. Dodgy apps that trick you into giving away data using in-app permissions
  5. Fake emails pretending to be from well-known brands – like Amazon or eBay

The NAO said the issue was “not yet a priority” for all local police forces and the problem had been overlooked by government, law enforcement and industry.

Almost two million cyber-related fraud incidents…

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