It seems that plans I reported on last month to add an onboard chip and basic keypad to credit/debit cards are marching onwards, as MasterCard Canada has started talking about the technology.
As I reported last month, the gameplan is for credit and debit cards to be capable of generating a one-time TAN (transaction authentication number) for cardholder-not-present transactions.
MasterCard Canada's CEO Oliver Manahan is quoted by the UPI Newswire as confirming the chips will generate a PIN to authorise purchases made online.
"We know fraud is like a balloon, you squeeze in one place and it bulges in another," he told reporters.
Manahan said that, in addition to the chip-impregnated cards, a new computer reader will be introduced that can enhance security for any online transactions.
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