Visa's innovative PIN Card pilot brings step change to tackling CNP fraud

London, 10 June 2008

Visa Europe has shown itself once again to be at the vanguard of technological innovation with the launch of a pilot for its new ‘Visa PIN Card’ – a powerful and stylish solution to the growing challenge of card-not-present (CNP) fraud.

Developed in conjunction with EMUE Technologies Pty Ltd, the Visa PIN Card represents a major breakthrough in fraud prevention techniques. At first glance like a conventional credit or debit card, it combines a debit or credit chip with technology that generates a secure one-time-only code displayed to the cardholder via an integrated eight-digit alpha-numeric screen. Not only is it extremely user-friendly to operate, it has a built-in battery designed to last for at least three years. As a result it offers issuers with a completely secure solution to better authenticate online transactions while giving cardholders ultimate peace of mind when shopping over the telephone or internet without the need for a separate device.

Comments Peter Ayliffe, Visa Europe President and CEO: “As e-commerce continues to flourish, we and the rest of the payment industry must find ever more sophisticated ways to combat the work of criminals who, owing to the effectiveness of Chip and PIN at Point –of-Sale are now turning their attention to the CNP environment.

“In recent years Visa Europe has been leading the way in addressing these threats with initiatives such as CVV2 and Verified by Visa. Our latest venture - the Visa PIN Card - is undoubtedly another powerful solution to add. By combining the technology necessary to create one-time only codes with a standard chip card we are giving cardholders a truly user-friendly experience and offering issuing banks an unrivalled method of ensuring the integrity of all types of remote transactions – remote banking, online and telephone banking as well as fund transfer requests.”

Continues Brendan McKeegan, CEO of Emue Technologies: “ We are delighted to partner with Visa Europe to deploy the Visa PIN Card solution to issuers in Europe. This innovative product combines industry standard authentication components with Emue’s unique technology to offer a cost effective, convenient and user-friendly solution”.

The Visa PIN Card works by proving that the valid cardholder made the transaction as only he/she has the card in their possession and only he/she should know their PIN.

The process of validating the transaction is done in 3 simple steps:

1. When making a CNP transaction or logging in to an online banking service, the cardholder activates the authentication process by pressing the appropriate option button on the card’s keypad

2. When prompted the cardholder inputs his/her standard PIN

3. A unique one-time-only code appears on the card’s display panel, which is then used by the cardholder to authenticate the transaction

Concludes Peter Ayliffe: “The Visa PIN Card is a truly innovative solution which we believe will appeal to cardholders and card issuers alike. For issuers participating in this pilot it will be a great way to show their commitment to security and to differentiate themselves from their competitors. Cardholders are sure to love its convenience and simplicity as they are able to make all their online transactions with even greater confidence.”

-Ends-

Note to editors

For details of the Visa PIN Card in action visit the following video links:

http://lab.emue.com/videos/scenario1_2.wmv
http://lab.emue.com/videos/scenario2_2.wmv

About Visa Europe

In Europe, there are over 350 million Visa debit, credit and commercial cards. In the 12 months ending December 2007, those cards were used to make purchases and cash withdrawals to the value of over €1.3 trillion. 11.4% of consumer spending at point of sale in Europe is with a Visa card.

Visa Europe is a membership association - an organisation owned and operated by its 4,600 European member banks – that was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual license in Europe.

As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers – cardholders and retailers, and to meet the European Commission’s objective to create a true internal market for payments.

Visa enjoys unsurpassed acceptance around the world. In addition, Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in over 170 countries.

For more information, visit www.visaeurope.com.

About EMUE Technologies Pty Ltd

Emue is leader in the provision of reciprocal authentication solutions in the financial services and secure corporate access markets. Emue’s ability to embed solutions in devices consumers carry every day has redefined the authentication landscape.

Emue's products include a range of unique features including a bi-directional capability which ensures the legitimacy of both parties involved in a transaction and the ability for consumers to enter their PIN into an independent device to ensure they never provide credentials to an un-trusted source.

The Emue solution can currently be deployed in a mobile phone, PDA, employee access card or in the innovative Emue Card, a credit card with embedded keypad, display and microprocessor.

For more information visit: www.emue.com

Contact details:

Visa Europe press office
Tel: +44 (0)20 7795 5463
E-mail: europeanmedia@visa.com