This new credit card has a digital CVV that changes every hour
The new MOTION CODE credit card will offer increased protection against fraud with a dynamic security code.
IDEMIA and FlexiGroup, Australia’s leader in point of sale finance, have partnered to launch Australia’s debut MOTION CODE credit card. The fintech brainchild of IDEMIA, the credit card will come with a dynamic CVV that will automatically change every hour. So rather than the static security code that’s usually printed on the back of your card, the CVV is displayed on an e-paper mini-screen that will refresh to a new security code every hour.
While this means you can no longer rely on your memory when you need to enter your CVV (the three or four digit security code that's usually on the back of your card) to make a payment, it also means that your card data becomes rapidly unusable. In other words, if your card details are stolen, it'll be difficult to use them for fraudulent transactions because the CVV is likely to have changed since the details were stolen. According to IDEMIA, fraud usually takes place at least seven days after the card is stolen (to prevent traceability and origin of the fraud). However, if the card details are stolen and used within an hour before the CVV changes, any fraudulent transactions will be covered by the usual protections and refunds offered by your bank.
According to the Australian Payments Network, cases of online fraud rose to $417 million last year and they’re continuing to increase by 15% each year. So this type of card could ensure that your card details can’t be used to make fraudulent transactions if they are compromised while you’re shopping online.
Unfortunately, these security protections won’t come in handy if your physical card is stolen. In this case, you can use your bank’s usual protocols (whether by calling the customer service team or using your banking app) to lock your card and prevent unauthorised transactions.
The card is the first of its kind to hit the Australian market. IDEMIA has yet to confirm the specific details, but it has announced plans to roll out the MOTION CODE to some Australian and global card issuers in 2018. However, FlexiGroup has partnered with Mastercard to bring the MOTION CODE card to the market, so it’ll only be available to Mastercard customers.
- Money Hack: Get a $20 credit when you dine out with an Amex card
- Ask Finder: Can I earn points for paying my uni fees with a credit card?
- Ask Finder: Will using my credit card at a newsagency count as a cash advance?
- Ask Finder: Will getting a new credit card affect my other cards?
- Best frequent flyer and rewards credit cards February 2019