Powered Card Solutions (PCS), a provider of powered display card products, has made available its new embedded credit card technology to prevent security breaches for US consumers.
The solution comes at a time when several consumers were hit by fraud at major US retailers Target, Marriott, Neiman Marcus, Michaels, as well as Hilton, Sheraton and Westin.
Go deeper with GlobalData
Featuring an embedded electronics, a Solicore thin-film battery and a display within a credit or debit card, the technology generates an ever-changing rolling security passcode required to authenticate a transaction.
The technology protects consumers from fraud, as a defrauder cannot authorise a transaction without the correct passcode even after possessing the card number and key personal information of the consumer.
PCS’s solution combined with the highly secure chip technology eliminates consumer’s fear of using their credit card and/or debit card online, over the phone or at point of sale.
PCS managing director, Dave Corey, said: "We could have prevented the broad-scale fraud that just recently occurred at Target if they were using a financial transaction card with a rolling passcode.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"They could have stolen the numbers but couldn’t have done anything with them because the one-time passcode changes for every transaction."
During 2012, the total number of unauthorised transactions or third-party fraud was an estimated 31.1 million, with a total transaction value of $6.1bn, according to a recent Fed study of card payment activity in the US.
As per The Nilson Report, the level of fraud is expected to exceed $10bn by 2015.
