15 March 2005
A number of the leading credit card suppliers in the UK are in collaboration to help roll out a new fraud-proof mobile security device aimed at tackling the worrying rise in online scams.
The new proposals will see the introduction of a system requiring the use of a security device the size of a calculator each time they buy something over the internet that works in much the same way as chip and pin technology but with added assurances.
According to the Times, after verification a unique eight digit code will be requested that consumers have to then type online, which would make shopping online easier and safer.
Barclaycard, the world's biggest credit card issuer, is one such collaborating firm and confirmed that trials of the security device have been successful and could lead to near future nationwide introduction.
Figures released recently suggested online shopping is set to account for about 30 per cent of all retail sales by 2010 and the sector has been long-awaiting a solution to the problematic issue of fraud.
Which is the right credit card for you? Find out now by comparing cards with uSwitch.com's free and impartial service.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.