Credit/Debit card fraud is a huge problem that costs banks and consumers billions of dollars per year. NagraID is tackling this problem by creating the credit card of the future, complete with computer chips and other security features that promise to make transactions both more secure and more convenient in the future.
“As you know, when there’s money involved, there’s also fraud involved,” explains Sebastian Pochic, Product Manager with MasterCard Europe. “As a consumer, it’s very inconvenient when you have had a fraudulent transaction on your credit card, or even worse, on your [debit card]. What we’re trying to do is put in place some preventative measures to avoid any of these fraudulent transactions and make the use of the credit card more convenient for our customers.”
One of these measures is to house your security information on a computer chip within the card as opposed to displaying it on the card. Another is a unique display window that reveals a security code necessary to complete a transaction. Each code can only be used once, so even if your card information were stolen, a thief would be unable to effect a transaction without having physical possession of the card and its security code. This window can also display account information such as your last transaction, your balance, how much you have spent this month, even messages from your bank.
One thing the card will not do is broadcast your location or reveal other private information. “The card is not a tracking device,” explains Phillippe Guilland, co-founder and CTO of NagraID Security. “It does not send back information regarding your location or the way you shop.”