Credit card fraud is a problem faced by a large number of consumers and companies every year, but now one tech firm has introduced a radical new way to fight the problem.
A new credit card prototype shown off at the Consumer Electronics Show by Dynamics Inc. may be able to help consumers avoid being hit by fraud if they lose their card or have the number stolen, according to a report from the tech news site Ars Technica. The card works by generating and displaying a unique credit card number each time the card is used.
That means the card number consumers use for one transaction will be generated randomly and then never come up again, the report said. All users have to do to bring up another number for a new transaction is type in an access code on five keys embedded on the front of the card.
Consumers may be able to tell if they have been hit by fraud by checking their credit report. While many credit reports contain unfairly reported markings that lower credit scores, other credit histories may include fraud related items, and working with a credit repair law firm may be beneficial in either case.