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Visa tests out a new credit card scheme to curb Internet fraud . Page 2

At the same time as creating the four-digit code, this

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cleaver little device automatically relays the same code directly to your bank.( cheap mortgages ) Then when the retailer contacts the bank to confirm the card details, the Authentication Code is matched up and this verifies that the purchase is genuine. Goodbye fraud!

Well Visa hopes it's "goodbye fraud" - that's why ( Cheap Mortgage articles ) they're testing it out before rolling the scheme out to all cardholders, probably at the end of 2006. Reports suggest that Token Based Authentication could be mandatory across all banks by 2008.

Postscript

We have recently noticed a marked increase in fraudulent e-mails which, on first sight, come from your bank. The e-mails warn you about the dangers of bank and credit card fraud and then ask you to confirm your banking or credit card details by e-mail. ( life insurance shop ) BEWARE - these emails do not come from your bank . They are part of a sophisticated ploy by fraudsters to get hold of your banking details. A genuine Bank will NEVER ask you to confirm details by e-mail. You must always IGNORE these [ Car Insurance hub ] e-mails and report it to your Bank.