French lender Societe Generale in partnership with Oberthur Technologies (OT) has rolled out a next-generation card to strengthen the security of online payments.
After successful piloting among more than 500 users, SocGen will offer its retail customers in France these next-generation cards equipped with a dynamic security code, known as OT Motion Code.
Featuring a mini-screen, an NFC antenna and a mini-battery, the card generates a random new CVV code every hour that replaces the three-digit security code usually printed on the back of the card.
OT said that in case the card data gets stolen, the three-digit security code becomes useless within an hour, preventing fraudsters from re-using the information on e-commerce sites.
The new card has been designed to help fight cyber crime, and is also simple as it changes nothing on the online purchasing process.
The French lender is offering the new option to its retail customers in France holding a CB/Visa card (CB/VPAY, CB/Visa, CB/Visa Premier or CB/Visa Infinite) at €12 per annum, besides the card subscription.