Currently, Debit/Credit card uses CVV (Card Verification Value) number for better security. This CVV number is found on the back side of credit or debit card. But, this concept will soon replace by including a device that generates a frequently changing number to wrong-foot fraudsters. The concept is known as Enigma technology. The Enigma technology is being built into tiny processors to develop the next generation of ultra-secure bank cards.
Inventors David Taylor and George French have secured a patent for the technology. It will use a contactless payment chip and either a wifi aerial or Bluetooth.
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. Similarly, Barclays customers will tap their PIN into a keypad mounted on the card. It will create various security cipher code.
The codes that generate within an interval of time by a tiny clock and appear next to the signature strip.
A cyber security expert, professor Alan Woodward 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.”
According to analysis, Banking fraud affected 20,255 people and cost around £755 million last year. Generally, hackers target CVV number by launching so-called distributed guessing attacks, by spreading attempts to guess the code across more than 1,000 websites in just one or two seconds.
A spokesman for Barclays said, “We are constantly looking at ways of tackling fraud and protecting customers.This patent was filed in support of an innovation. It would see a CVV code that changes dynamically put onto a physical card, in order to tackle online purchasing fraud.”
“However, that it was not possible to predict when the technology would be ready for customers to use,” he added.
In other words, the Enigma Technology has opened up a new avenue for fraudsters.
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