Imagine a world without credit card fraud.

Impossible, you might say. And you’d probably be right. But any effort to rein it in helps. Every time your credit card is cloned or skimmed from an ATM or by trickster, or taken from a web site or a phishing attack, your credit card is wide open for a stealer/criminal to use till you catch on and cancel it.

Card-Not-Present transactions are found to be 65 % of the total credit card fraud. This might shortly soon will become an element of the past, thanks to one technological advancement: A credit card with a rotating security code.

A French digital payment security company called Oberthur Technologies (OT) thinks it can prevent such credit card frauds by changing static CVVs to dynamic CVVs, which will change every hour. If a criminal gets hold of your card number, his or her shopping spree could not last more than an hour; after when the security code changes, this makes the card useless for any criminal who has the card’s number while not the new CVV.

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