Credit card fraud happens quite often around the world. PIN codes do not seem to be enough protection as people skim, duplicate and record what you are typing in to a PIN code machine. The latest idea is to have more security added. To use it a password is needed which is generated on the spot as and when needed. The cool thing about this credit card security device is that the pass wording system is actually on the card in the form of small numbered keys and an ultra thin screen. It is known as a credit card embedded authentication device and is made by two companies named Innovative Card Technologies and eMue Technologies.
To use the device you need to enter a secret PIN on to the cards keypad. A numeric password to use just once will appear on the screen. To use the card the password must be first entered on to either a web browser, ATM or in a store, followed by the card. No PIN number is entered on the actual receiving device such as the ATM. By switching where the PIN code is entered, the security is increased because of hidden cameras that could have been tracking what you entered on the keypad of the ATM. This device is not actually available yet, but there is mention of it floating around a lot of trade shows.
Nice idea! and I do hope to see security pushed even further with debit and credit cards.