UK bank Barclays is planning to issue bank cards that replace the three-digit security number on the back of the card with a dynamic CVV code that changes periodically to tackle online purchasing fraud, according to The Telegraph. The cards would also include contactless technology, and either a Wifi aerial or Bluetooth.
„Second World War cipher technology is being built into tiny processors to develop the next generation of ultra-secure bank cards. The concept behind the design of Nazi military coding machines such as Enigma will be used to replace the existing three-digit CVV security number, which is currently found on the back of credit and debit cards. Instead, cards will include a device that generates a frequently changing number to wrong-foot fraudsters. The innovation is being hailed as the biggest shake-up in the field since the introduction of chip and pin in 2004.”, says The Telegraph.
Inventors David Taylor and George French have secured a patent for the technology, which Barclays plans to adopt.
Second World War encrypted communications worked on the basis of ever-changing ciphers, some of which codebreakers like Alan Turing successfully cracked, gifting Allied commanders a wealth of intelligence.
In a similar vein, Barclays customers will tap their PIN into a keypad mounted on the card which will create a range of security ciphers. The codes will be generated at a timed interval by a tiny clock and appear next to the signature strip.
As well as replacing the static CVV number, which was first used 20 years ago but is now seen as a security weakness, the new technology also signals the end of PIN-entry card readers.
Other features in the smart card include a contactless payment chip and either a wifi aerial or Bluetooth.
Professor Alan Woodward, a cyber-security expert at the University of Surrey, said: “Barclays are trying to have technology that could display several different codes for different situations.
“These systems put yet another obstacle in the way of criminals.”
A spokesman for Barclays said: “This patent was filed in support of an innovation that would see a CVV code that changes dynamically put onto a physical card, in order to tackle online purchasing fraud.”
He added, however, that it was not possible to predict when the technology would be ready for customers to use.
Banking 4.0 – „how was the experience for you”
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