Could numberless credit cards be the key to outsmarting scammers?

In an era where digital fraud and identity theft are rampant, Australians are constantly seeking ways to safeguard their financial information. Recognising this pressing need, AMP Bank has taken a bold step forward by partnering with Mastercard to introduce a revolutionary security feature in the form of numberless credit cards. This innovative measure is set to transform the way small businesses handle their transactions, offering a new layer of protection against the ever-evolving tactics of scammers.

The numberless credit cards, which are expected to make their debut in wallets across Australia starting in February, will lack the traditional 16-digit number that has long been a staple of card design. Instead, the card’s unique number will be securely tucked away within the AMP app, which boasts additional security measures to keep sensitive information out of the wrong hands. This means that even if a card is lost or stolen, the absence of visible numbers significantly reduces the risk of fraudulent activity. 

Starting in February, Australians will receive AMP’s numberless credit cards—designed to protect against fraud and revolutionise the payment experience. Credit: 9 News Australia / YouTube 

To facilitate payments, digital tokens will be employed. These tokens are designed for single use or limited use, ensuring that each transaction is as secure as the last. This innovative approach not only enhances security but also streamlines the payment process for users.

AMP’s new banking app isn’t just about hiding numbers; it’s also equipped with advanced fraud and scam protection systems. One such feature is the requirement for users to record video selfies during the sign-up process, adding a biometric layer to the authentication process and combating identity theft more effectively.

Richard Wormald, Division President of Mastercard Australasia, has emphasised the significance of numberless cards as a crucial development in payment security. He asserts that this next-generation design will provide banking customers with additional protection against common scams, allowing small business owners to focus on their operations rather than fretting over potential frauds.

While AMP’s numberless cards are currently earmarked for small business customers, the concept is gaining traction globally. The trend began in Europe in 2020 with fintech company Curve, and banks in the UK and India have since adopted the practice. Mastercard itself has ambitious plans to phase out card numbers entirely by 2030, favouring tokenisation and biometric authentication methods instead.

Australia’s position as one of the world leaders in card fraud attempts, with over $700 million lost annually to credit or debit card scams, underscores the urgency for such security enhancements. The introduction of numberless cards could be a game-changer in the fight against financial crime, offering peace of mind to consumers and businesses alike.

As we look towards a future where our financial transactions are increasingly digitised, it’s clear that security must evolve in tandem. Numberless credit cards represent a significant leap in that direction, potentially setting a new standard for the industry.

As payment security evolves, we’d love to hear your thoughts. Do you think numberless credit cards will reduce fraud? Would you feel more secure using one? Share your thoughts in the comments below.

Also read: A safer future: How Australia’s identity verification is getting a digital upgrade

Abegail Abrugar
Abegail Abrugar
Abby is a dedicated writer with a passion for coaching, personal development, and empowering individuals to reach their full potential. With a strong background in leadership, she provides practical insights designed to inspire growth and positive change in others.

3 COMMENTS

  1. A bit of personal responsibility on the part of the card holder would be good to see. They will remain the weakest link in the whole process, and you can be assured there will be card users who will lookup the card number and read it out to persons unknown at the other end of the phone. Or install remote control apps on their phones and happily type in their passcodes.

    • I had a credit card that I had not used in over 3 years, scammed in a city 1,400km away !!
      I do not know how they got the card details, but some of my details were in a data breach !!
      I am very careful with my credit cards, and monitor/reconcile the statements each month.

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