credit-card-lcdVisa plans to release a new version of the credit card that will cut down online shopping fraud. This new credit card will be the same basic size and form, but with one huge difference – it will have a built in LCD and keypad on the back of the card. Powered by a built in battery that will last up to three years, these cards will work until they expire and there is no need to worry about charging them.

The way the that these new credit cards will prevent fraud is by making it necessary for the users to input their pin every time they make an online purchase. The card will then display a unique security code, which must be entered into the website, which will forward it to Visa’s servers, where the purchase will be approved.

“We hope this new card will help allay those fears, and give consumers more confidence when shopping online” said Sandra Alzetta of Visa.

The company hopes that the card will boost shopping over the Internet and it will be tested in Britain early next year by the company MBNA.

(Via DailyMail)

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creditcardsPoor Vanessa Ward knew something was wrong when she received a letter in the mail welcoming her to Wells Fargo for a credit line that she had been approved of. But there was a problem with that letter – and that was that she had never applied for that line of credit.

Vanessa isn’t sure how the credit card thieves got a hold of her card exactly, she says that it might have happened from a single pick-pocketing. Regardless, Vanessa was already aware that thieves had gone on a shopping spree using her credit. A surveillance video inside of a Safeway store shows the two suspected thieves on a $400 splurge, with purchases that include four prepaid Visa cards and three gift cards to Chili’s and Starbucks cards. Afterwords they spent another $200 at Nordstrom Rack, and later on they also went shopping at Standard TV and Appliance.

Vanessa has already closed all of her accounts and flagged her credit history. But she cant help but be concerned that other victims will fall prey to these thieves.

“I want them to go to jail. I’m sure I’m not the only ID that they have. So if we could put them in jail that would be awesome.”

If you are worried that your personal information may have been compromised, the FTC recommends immediately closing all accounts and changing all passwords. It’s important to contact your banks and credit card providers to alert them of the security breech. You can also place a temporary alert on your credit cards that will put your account activity on high alert, hopefully catching any wrongdoers before they’ve done too much damage.

(Via KGW)

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