Australian bank introduces latest security measure against credit card scams
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As we navigate through the digital age, the convenience of online transactions has become a staple in our daily lives.
However, with this convenience comes the ever-looming threat of scams—a significant concern, especially for those who may not be as tech-savvy.
There's good news on the horizon for those who value security as much as convenience.
In a groundbreaking move to bolster financial safety, AMP announced a partnership with Mastercard to introduce the country's first numberless cards.
This innovative approach, applicable to both debit and credit cards, should roll out by February.
This new take on physical cards could mark a significant milestone in the fight against fraud and scams.
These new cards will not bear the 16-digit number traditionally seen upfront.
Instead, the card's unique number will be securely tucked away within AMP's official banking app, which includes additional layers of security to ensure peace of mind.
So, how will these cards work?
These numberless cards should use digital tokens for transactions.
The tokens should be for single or limited use only.
Should a scammer intercept an online transaction, the information they gathered could be useless for subsequent activities.
AMP also took steps to enhance its banking app with advanced fraud and scam protection systems.
One of its new security measures could prompt new users to record video selfies when signing up.
This is a significant step, as biometric authentication is one of the most secure forms of verifying identity.
Richard Wormald, Mastercard's Division President of Australasia, emphasised that numberless cards are a crucial next-generation design against common scams.
'Numberless cards represent a significant step forward in payment security, offering cardholders additional protection against fraud and account compromise,' MR Wormald shared.
For now, the numberless cards should allow consumers and small business owners to focus more on their business rather than worrying about the security of their transactions.
While AMP's numberless cards will initially be available for small business customers, the technology should expand later on.
Mastercard also shared its future goals for cardholders.
The finance giant set a goal to eliminate digits on cards by 2030 and could replace it with tokenisation and biometric authentication.
Numberless cards may seem like something out of a spy film, but it's very much a reality.
These cards began circulating in Europe in 2020 after fintech company Curve issued them to investors.
Banks in the United Kingdom and India soon followed suit, and now, Australia is joining in.
Learn more about the numberless cards here:
Source: 9News Australia/YouTube
Introducing numberless cards in Australia is more than just keeping up with technology; it is also about addressing a pressing issue.
Australia is one of the world leaders in card fraud attempts, as Aussies lose $700 million yearly in credit or debit card scams.
The introduction of numberless cards could be a daunting step towards the future, especially for those who are used to seeing card information in one go.
However, this technology could also be a promising approach to safer online transactions.
What do you think about this new technology? Do you have any concerns about how numberless cards will work? Share your opinions and thoughts about this update in the comments below!
However, with this convenience comes the ever-looming threat of scams—a significant concern, especially for those who may not be as tech-savvy.
There's good news on the horizon for those who value security as much as convenience.
In a groundbreaking move to bolster financial safety, AMP announced a partnership with Mastercard to introduce the country's first numberless cards.
This innovative approach, applicable to both debit and credit cards, should roll out by February.
This new take on physical cards could mark a significant milestone in the fight against fraud and scams.
AMP and Mastercard's latest partnership should prevent scammers from stealing vital information. Image Credit: Pexels/Julio Lopez
These new cards will not bear the 16-digit number traditionally seen upfront.
Instead, the card's unique number will be securely tucked away within AMP's official banking app, which includes additional layers of security to ensure peace of mind.
So, how will these cards work?
These numberless cards should use digital tokens for transactions.
The tokens should be for single or limited use only.
Should a scammer intercept an online transaction, the information they gathered could be useless for subsequent activities.
AMP also took steps to enhance its banking app with advanced fraud and scam protection systems.
One of its new security measures could prompt new users to record video selfies when signing up.
This is a significant step, as biometric authentication is one of the most secure forms of verifying identity.
Richard Wormald, Mastercard's Division President of Australasia, emphasised that numberless cards are a crucial next-generation design against common scams.
'Numberless cards represent a significant step forward in payment security, offering cardholders additional protection against fraud and account compromise,' MR Wormald shared.
For now, the numberless cards should allow consumers and small business owners to focus more on their business rather than worrying about the security of their transactions.
While AMP's numberless cards will initially be available for small business customers, the technology should expand later on.
Mastercard also shared its future goals for cardholders.
The finance giant set a goal to eliminate digits on cards by 2030 and could replace it with tokenisation and biometric authentication.
Numberless cards may seem like something out of a spy film, but it's very much a reality.
These cards began circulating in Europe in 2020 after fintech company Curve issued them to investors.
Banks in the United Kingdom and India soon followed suit, and now, Australia is joining in.
Learn more about the numberless cards here:
Source: 9News Australia/YouTube
Introducing numberless cards in Australia is more than just keeping up with technology; it is also about addressing a pressing issue.
Australia is one of the world leaders in card fraud attempts, as Aussies lose $700 million yearly in credit or debit card scams.
The introduction of numberless cards could be a daunting step towards the future, especially for those who are used to seeing card information in one go.
However, this technology could also be a promising approach to safer online transactions.
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