Credit-card theft over the Net is one of the biggest obstacles to e-commerce development. Until security issues are resolved, consumers will remain hesitant about buying goods and services online.
An Irish company, Orbiscom, recently announced plans to launch a secure Internet payment service in the near future.
The Orbiscom product is a randomly chosen credit card numbering system.
The customer's bank issues a credit-card number which is unique for every transaction. Even if that number is stolen when online it will not be valid for any transactions except the initial one made by the purchaser. In essence, the number self-destructs after it is used.
The new system circumvents the need for customers to furnish full credit-card numbers over the Internet.
Each separate transaction is given a four-digit code, while the bank which processes the transaction keeps the credit-card details on its network, thus minimising the risk of fraud.
The product is being tested by AIB, which has taken a 5.1 per cent stake in the company.
Trintech and Baltimore Technologies are among those also working on Internet security products to benefit consumers and service providers.
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