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Credit card of the future could stop fraud
Old 03-27-2015, 09:09 AM   #1
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Credit card of the future could stop fraud

"As banks seek to reduce fraud, one credit card maker has a prototype with a constantly-changing code on the back." This credit card comes with "a dynamic CVV code (that number on the back of your card). This approach makes it a temporary password verified by your bank with every transaction, so stolen data is useless after the first few minutes." So, if the card number is stolen, it can only be used for as long as the CVV code is in place, which will be up to the banks. It could be seconds or hours.

It seems getting banks to launch this design maybe the problem since the upfront costs are higher than the traditional cards.
The card does present an interesting solution for stolen credit cards and safe online purchases.

Credit card of the future could stop fraud - Mar. 26, 2015

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Old 03-27-2015, 09:17 AM   #2
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Neat. Essentially google authenticator built into the card itself.

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Old 03-27-2015, 10:27 AM   #3
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It worked so well for SecurID. RSA finally comes clean: SecurID is compromised | Ars Technica

The security comes from the algorithm that creates the security code. Find or crack the algorithm and you pwn the system.

It's a better system than is in place now, but not the be all and end all. And depending on how quickly the token is refreshed and how slowly the online pay system works, I could see some problems with online purchasing. I'm sure it can be resolved, though. All in all I think it would be a good step.

Edit: I missed the part where the token would be good for 40 - 60 minutes. No problem there with online purchasing. SecurID used to refresh every minute, if I remember correctly. It was a PITA sometimes.
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