BNZ card technology reduces fraud
The Bank of New Zealand says its Liquid Encryption Number (LEN) technology for preventing credit card fraud has been a success since it was first trialled on a limited basis in 2008, with the rate of fraudulent transactions from cloned credit cards in New Zealand down by 50 per cent. It is now in place in all BNZ credit and debit cards.
The technology works by changing numbers on cards’ magnetic strips every time a transaction takes place, or an account balance is requested at an ATM.