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Credit Card Applications » News » Other » Eradicate fraud with dynamics payment card

Eradicate fraud with dynamics payment card

November 08, 2010 | Updated on November 08, 2010
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The content is accurate at the time of publication and is subject to change.

Dynamics Inc., will have a demonstration at the Alternative Payment System Innovations and unveil the Dynamic Credit Card. Billions of dollars are lost each year due to fraudulent practices and this card comes with a host of security benefits which can contain skimming practices by fraudsters.

The anti-skimming device by the Dynamic credit card automatically writes a new security code on the magnetic stripes on every purchase made. For every purchase online, a new code can be added and traditional 3 or 4-digit code can be replaced.

The Dynamic card curtails both domestic as well as international skimming without actually changing any card reader or causing any impact on the merchant system.

The efficiency of the security system can be beefed up by combining it with other technologies as well. For instance, the code from Dynamic in addition to the Dynamics? Hidden Card interface where it is unlocked using a code, is used to activate the card.

Frauds that are associated with lost or stolen cards could be curtailed with Dynamics codes. Consumers may want to activate the card using a code, while some may want to use the points earned. With the Dynamic card the consumer gets to enjoy fraud protection at the highest level without actually impacting their usage in any way.

The Dynamics card is loaded with a card-programmable magnetic stripe, which is the world's first. This can be read by the magnetic reader at the point of sale. At any given point in time, the information on this stripe can be changed. It requires a battery change and will last for about four years.

Dynamics card 2.0 with its core technology could be used on multiple applications. Others include:

Hidden: It is a paper thin computing device that has 5 buttons on its display wherein a part of the numbers in display is hidden. To activate the card an unlocking code has to be entered. After a while of usage the card turns 'OFF' and the electronic stripe erases all the current information and renders it useless in case it is stolen or lost.

MultiAccount: This device operates with 2 buttons. There is light source and the account number is printed. The cardholder can choose the account they want and the light is turned 'ON' and the relevant information from the magnetic stripe is transferred on to the electronic stripe.

Redemption: This device has a single account number with a light source. The consumer can either redeem the points or use credit. The relevant light is 'ON' and the information from the magnetic stripe is loaded on to the electronic stripe and the card swiped using a magnetic reader.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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