FlexiPin: New Technology That Could Hopefully Prevent Card Fraud
Posted May 31st, 2010
FlexiPin aiming to reduce credit card fraud
There is a new technology that has been developed to help reduce the number of credit card fraud incidents throughout Australia. Fraud is a major concern for many people in this age of technology, and it is a positive sign that something new and completely different has been designed to help get rid of fraud once and for all.
This new system, which is called FlexiPin, has the user memorize only two numbers of their PIN. which is a standard four digit number. Gabby Molnar, is the developer of this superior product,and he has managed to create a formula that can decipher the numbers that remain. This makes it very difficult for anyone to figure out that the number, and may be the best hope for reducing the chances of credit card fraud occurring.
In effect, the PIN will change every time a credit or debit card is used. The developer of the product has already demonstrated this new technology to an executive at the Commonwealth Bank. Hopefully, the FlexiPIN will find its mark and make a difference to the safety and security of debit and credit cards in all of Australia.
Fraud in the form of credit card skimming has become a major problem in the country with EFTPOS terminals being compromised to get details on credit and debit cards. It is a problem that is not going to go away unless something is actively done about it.
What a difference it will mean to all cardholders to finally have peace of mind whenever they use their card. If this becomes something that becomes widespread and effectively reduces credit card fraud, it will be a major contributor to the financial safety of all Australians in one way or another.
Although card companies constantly monitor for credit card fraud, the situation is not completely under control and a new solution is more than welcome at this point. It will be interesting to see the outcome of this product, and whether it changes the way the banking industry is perceived.
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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