In an effort to combat credit card fraud, Visa is testing a new card. The Emue generates and displays a new code each time it is used. A PIN number is used to generate the code that is displayed on an alpha-numeric screen built into the card. There will also be an account number, magnetic strip and 3 digit security code. A three year battery is used in the device so that the card will expire before another is needed. A pilot study to test the new card should be completed by the end of the year.
Read More | Banking Times
A 16 year-old private school student wanted to play online casino games, so he opened an account under an adult’s name. According to police records, the Japanese boy bought an ID and password of a Web bank account for ¥17,000 from a housewife after soliciting on an Internet bulletin board. In July, the student had registered to play with his mom’s credit card but ended up with about ¥1.3 million in debts. What’s scary here is not only did he manage to amass the debt, but that he could steal both his mom’s ID and acquire a Web bank account as a minor.
Read More | Mainichi Daily News