The Melburnian who invented mobile wireless EFTPOS back in the ’90s says a major technology change is needed to fight cybercrime.

Daniel Elbaum from VeroGuard thinks we should be carrying physical wallet-sized security cards which replace passwords and provide the same level of protection as what’s provided during online banking transactions.

“It’s a personal card, it’s one card for all your protection,” he told Jacqui Felgate and Jimmy Bartel, filling in for Ross and Russel.

Press PLAY below to hear more about the technology that could replace passwords and credit cards

“It works with any type of software that connects to it which means you don’t need passwords anymore, you have one card with a very high security connection.”