There are many different ways that the credit card industry had been trying to keep credit cards safe. While many people in the sector are focused on incorporating chip-and-PIN technology, there are other options on the market that offer some staggering claims.
One of them is profiled in a recent report from CBS News. A company called Dynamics, a developer of next generation credit cards, will soon be bringing to market a card with a keypad built in. Jeff Mullen, the Pittsburgh-based company's founder and CEO, told the news source that this kind of security will "essentially eradicate credit card fraud."
The article describes the way the "hidden" card operates as the following:
"The middle six digits of the card's number appear as a small blank screen. Enter your personal code into the five buttons on the card's face, hit 'enter,' and the full credit card number is revealed. The right combination also activates the card's magnetic stripe, so it can be used with regular credit card readers. No code – no numbers, no data on the stripe – essentially, no card."
This would make it impossible for anyone who doesn't have the special code to use the card. While this is an easy thing to understand, it essentially works the same way that EMV technology does, were a secondary level or identification—a PIN numbers for chip cards, the pass code in the hidden card—in order for it to be accepted at the cash register.
This is just another example of how important card security has become. With the help of a credit card payment processor, any organization can start taking steps to ensure every transaction is safe.