If you have a credit card, identity theft may be one of your top concerns. And rightly so: millions of Americans have their identities stolen each year. Consumers worried about fraud should be on the lookout for the new Dynamics Inc. credit card.
Unveiled at the annual CES show, the card promises greater security. Each card contains internal electronics. The magnetic strip on the card is programmed in real time.
Each card has an empty section that replaces several numbers on the strip. There are also five built-in buttons on the card. A card owner needs to punch in their "code" using the buttons. A unique credit card number is then instantly generated. The numbers will change for each purchase. And, once the transaction is completed the numbers will go blank.
Credit card thieves would have to know your unique code in order to make any purchases using your stolen card.
Reviewers and reporters at CES including Ars Technica got hands-on experience with the card. They say it looks -- and feels -- like a regular credit card. It can be bent without ruining the internal electronics.
Dynamics Inc. is currently testing out some versions of the card with customers, according to The New York Times.
It seems credit cards may soon be getting smarter. In the interim, consumers worried about credit card fraud should monitor their bank statements closely. Look out for fraudulent charges. And, make sure to check your credit report on a consistent basis. Individuals are entitled to a free annual credit report.
New technology like the Dynamics Inc. credit card might go a long way towards preventing identity theft. But until this technology becomes common, consumers will still need to remain vigilant.