Barclaycard, the world's biggest credit card issuer, has revealed plans to issue consumers with a device designed to stamp out card-not-present fraud.
The device, about the size of a calculator, would be used by consumers each time they make an online purchase, in much the same way as chip-and-pin.
Barclaycard revealed to the Times newspaper that it has completed trials of the device and is negotiating the possibility of rolling the scheme out nationally with retailers.
To use the device, consumers would enter their four-digit pin number. The machine would then issue an eight-digit security number which the consumer would enter online to complete the purchase.
Concerns that the device might cost consumers money and be difficult to use were dismissed by Barclaycard.
"We would not want to make it difficult for our customers to participate in the scheme," a spokesman stated.
Efforts to combat card-not-present fraud are overdue. According to figures released last week by the Association for Payment Clearing Services, this type of fraud increased by almost a quarter last year, accounting for £150 million of the £500 million total debit and credit card fraud last year.Click here to find out more about credit cards.
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