New Software to Beat Credit Card Fraud
The Sydney Morning Herald reports the Bank of New Zealand’s novel software-based technology for reducing credit-card fraud is being rolled out in Australia by its parent company, National Australia Bank. The “liquid encryption number” (LEN) technology is used on all BNZ credit and debit cards, and has cut the incidence of fraudulent transactions from “cloned” credit cards by 50 per cent. The technology works by changing numbers on a card’s magnetic stripe every time a transaction takes place, or an account balance is requested at an automatic teller (ATM).
