A new credit card device has recently been introduced and is designed to limit the chances of consumers being hit with bogus credit card debt.
The card, created by Dynamics Inc. and being shown off at this week's Consumer Electronics Show in Las Vegas, randomizes six digits of a user's credit card number every time they make a transaction, essentially making the card useless to fraudsters in the event it's lost or stolen, according to a report from tech news blog Ars Technica.
A new number is displayed on a built-in screen only during a transaction, and after the user types in a code on the card's embedded five-button keypad, the report said. Otherwise, the screen, and the magnetic strip on the back of the card, are blank. Citibank is already testing the card in a number of small pilot programs but more lenders may adopt the technology in the near future.
Credit card fraud is one of the fastest-growing crimes in the nation and consumers who lose their credit cards or have them stolen should alert their lenders to the incident immediately so they don't run into issues getting out of debt.