Nowadays the credit card fraud has increased to a large extent and a company as come out with a solution for thus at the CES 2012. Dynamic Inc has exhibited a new credit card prototype to prevent the fraud based on credit cards with the theft-proof cards.
This new prototype is powered by means of a tiny battery and it generates a unique security code which is of three digits and printed at the rear side of the card each time it is switched on. The number that is saved on the magnetic strip also varies indicating that it cannot be cloned with the current technology.
This card is displayed at the CES 2012 at Las Vegas and the technology is presently under the trial by Citibank. The online shoppers can enter the PIN to switch their card on and then it will generate a new code at the front which can safely be typed on the website.
As the code on the magnetic strip changes every time it is switched on, it is highly impossible to clone it. It is the user who tell the card to turn on by entering the PIN code and then it displays the code at the front. Without the code, there will be no use at all.
It is of the same size as a normal debit or credit card and the battery in it can last for about three years. The company says that the powered cards and be used for the cards that provide the access to various accounts from a single card.
Nowadays stealing credit card PIN requires only a paper and pen or even a compact card reader. The powered cards will write a unique and new security code automatically on the magnetic strip on every purchase.
When the card is off, the magnetic strip will not store the accurate number and so even if someone has tried to skim the card, there will be no use for them.