ScramCard has been in the offing for some time. Now it is attracting consumer press attention with the impending launch of its anti-fraud payment card, dubbed DaVinci.
The electronic card generates a one-time PIN for use when paying in-store, online or at ATMs for cash withdrawal.
And comes at a cost to consumers of £75.
We seem to have been here before. Once heavily touted US start-up Coin enabled customers to scan multiple cards into a single card and came with a $100 price tag.
Consumers baulked at the price tag. Coin ultimately failed to live up to its hype and was sold to wearables tech outfit Fitbit – but not for its Coin Developer Programme, axed by Fitbit.
Good luck to ScramCard. The price tag will be a challenge to sell to consumers. As for selling its user experience: cardholders wanting to make a purchase in-store will need to first, press a button to select which linked card to the ScramCard they wise to utilise. Then select the POS button. Then enter the DaVinci card PIN. This then generates a one-time code.
That is then entered into the POS terminal. That process coupled with the price tag will turn off a lot of consumers.
ScramCard founder is Simon Hewtitt, former head of security at Australian lender Westpac.
He said: ““I’ve seen first-hand how easily people fall victim to fraud, and even if the money is returned, it’s a huge hassle and leaves people in the lurch with their personal finances. Our proposition is simple; work with us to cut financial fraud out of your wallet.”