Smart card code to beat fraud

CUSTOMERS may soon be offered bank cards with a security code that changes by the hour in a bid to tackle fraud.

The new debit and credit cards will have a tiny computer screen on the back of the plastic near the signature strip.

This is where the three- digit code, called the CVV or CVC number, is located. Customers must provide it when buying over the phone or online. It’s supposed to prove the shopper has the card in their possession. But if a fraudster gets the code they can keep spending until the customer blocks their card.

Crooks would only be able to use the new code for an hour before it expires.

Cyber crime expert Professor Alan Woodward says: ‘This is a really good idea. But as soon as new measures are developed, criminals are already trying to find ways to crack them.’