Dynamic security codes refreshing ever hour to prevent data thieves from using your card



Digital financial fraud is at all time, affecting over half
a million people within the first two quarters of 2016 alone. The issue is so
prevalent, that banking institutions accept a certain degree of lose related to
online fraud in their bit to protect customers from what’s viewed as an
inherent cost of doing business. Chiefly responsible are the cards themselves;
there’s little to stop a fraudster’s spending spree once they’ve learned your
credit number—at least, until you’ve been notified. Two French banks are now testing
a new high-tech ebank card that aims to improve the online security through the
use of an ephemeral security code.

Bearing a striking resemblance to your standard chip-enabled
card, the new cards feature a dynamic card security code—the code on the back
of your card—that changes every hour for three years. The only distinguishing
factor is that cards equipped with MotionCode, the name of the patented
technology, feature a miniature electronic display on the back of the card
where the CSC code is present. Refreshing the code at an hourly rate deters the
vast majority of frauds, which typically occur within a few hours or days of
obtaining the credit details—not immediately.



MotionCode was developed by the French digital security
company Oberthur Technologies as the next evolution in card security beyond the
chip. The practice is no different than manually copying the three digits from
the back of your card, but with an additional layer of security. Integration is
extremely streamlined, embodying a pick-up-and-play mentality that extends to
both the user and the seller. Cardholders don’t have to install any specific
browser plug-ins to use the card, nor do they have to press a button on the
card; code refresh timing is defined by the card issuer. Similarly, e-merchant
won’t have to modify their websites to accept the card either, as the
cryptogram code used by the card is the same as the standard one.

So, how can you obtain a card? MotionCode is not yet ready
for mass-deployment; the only two banks offering the card as of yet are France’s
two largest banking groups, Société Générale and Groupe BPCE. But this may
change in the near future as there are a number of pilot programs currently
underway in Poland and Mexico. Aaron Davis, Business Director of Oberthur Technologies UK & Ireland,
hopes to have a pilot up and running in the UK soon. If the trials prove as
successful as the first batch from 2015, then we may see MotionCode
proliferation within the near future.

Source: TheMemor.com via Oberthur