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CryptoCard may impact ID fraud

ID theft and identity fraud may become history in the near future following the launch of a new hi-tech credit card that combines two-factor authentication to increase compliance and reduce banking fraud.

Incidents of phishing and ID theft continue to increase despite efforts of government and trade organisations but CryptoCard says its new product may impact these statistics positively.

The firm says its card's "proven" authentication technology, the CD-1 token, is the "ideal solution for banks or retailers" wishing to reduce the risk of "card-not-present fraud".

"Combining payment card and authentication in one simple device, CD-1 provides a highly secure and cost-effective solution in the fight against identity fraud."

According to Apacs, the UK payments association, within the first six months of 2008, online banking fraud rose by 185 per cent largely due to the success of phishing and spyware scams.

Over 20,000 phishing websites were set up in the same period as plastic card fraud reached a high of over £300 million, the organisation said.

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