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Four European banks plan to test a new Visa Inc. payment card that creates a one-time numeric code consumers would use to authenticate Internet and telephone transactions to protect against card-not-present fraud. MBNA, a Bank of America Corp. company in the United Kingdom; Cornèr Bank SA in Switzerland; Israel-based Cal International; and IW Bank SPA in Italy will participate in the pilot. Visa says 500 to 3,000 customers from each bank also will participate, a company spokesperson tells CardLine Global. The trials will start in the next few weeks and last six to 12 months, depending on the bank, the spokesperson says. The credit, debit or prepaid card will feature an alpha-numeric display and a 12-button keypad, according to a Visa statement. When shopping online or logging onto an online-banking service, the consumer activates the authentication process by pressing the appropriate option button on the card's keypad, according to Visa. When asked, the consumer then enters his standard PIN into the keypad. A one-time only code then appears on the card's display panel, which the consumer uses at the point of sale to authenticate the transaction.
