Nextgen credit card technology

[Alan]

Technology to be used to improve on the security code on the back of credit cards by making it change every hour. France plan to begin rolling out the cards next year.


Credit card with fraud-busting display - BBC News

 

[EastWest Gal]

"It is powered by a thin lithium battery..."

I like the idea. But will my wallet explode or be banned by the airlines?


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[Alan]

"It is powered by a thin lithium battery..."

I like the idea. But will my wallet explode or be banned by the airlines?


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[Lsbcal]

I like your idea of removing the 3 digit code from the back, Alan.

 

[audreyh1]

"It is powered by a thin lithium battery..."

I like the idea. But will my wallet explode or be banned by the airlines?


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As long as you carry on your wallet, you're OK!

 

[savory]

This card is really helpful for online purchases.


This development is like the chip, which took years for USA banks to accept. It must be cheaper to pay for fraud than advances made to prevent it.

 

[GrayHare]

It must be cheaper to pay for fraud than advances made to prevent it.

From the banks' point of view absolutely, since they dump most fraud on the merchant.

 

[Alan]

I like your idea of removing the 3 digit code from the back, Alan.

I had my details stolen 3 times in 5 years so in 2013 I scratched off the code on the back and, fingers crossed, it has been 3 years without any problems.

I do like the idea of the dynamic code.

 

[calmloki]

I had my details stolen 3 times in 5 years so in 2013 I scratched off the code on the back and, fingers crossed, it has been 3 years without any problems.

I do like the idea of the dynamic code.

Memory - my card code wore off from wallet carry - now I can't buy anything online... Now THAT'S security!

 

[FIREmenow]

I use my card for absolutely everything and pay it off every month for the 1.5% cash back. I even buy a $0.79 cup of coffee at the gas station with it. Because of this, my card number is stolen and used fraudulently pretty regularly (usually every 8-12mos).

I have the process down pat now - phone call to card servicer, new card FedEx overnight, all charges reversed, change the (only) two auto-pay merchants that I use, then carry on. Pretty painless, actually. I just chalk it up to the price to pay for convenience and the 1.5% cash.

 

[Alan]

Memory - my card code wore off from wallet carry - now I can't buy anything online... Now THAT'S security!

Funny!!

Here in England we can't seem to buy anything online without being directed through extra online security with another password that we had set up on our cards for such activity. Both VISA and Mastercard have their own added security for online purchases.

 

[Walt34]

It must be cheaper to pay for fraud than advances made to prevent it.

From the banks' point of view absolutely, since they dump most fraud on the merchant.

That's about it. I've been retired 14 years now, but when I was in the Fraud Section a security guy from Visa said their losses from fraud were on the order of 0.1 percent of their profits. Not total transactions, their profits. So it just isn't that big of a deal when considering the totality of the numbers involved.

 

[explanade]

I think mobile payments are a better way forward, where nobody but you and the credit card issuing bank has your full credit card number.

Of course the problem is getting merchants to upgrade their POS systems. But in places like Oceania and Asia, contactless terminals, which support mobile payment systems like Apple Pay, are more pervasive.

Oddly though, there are recent polls where even the more technology-aware young people think mobile payments are more vulnerable to identity theft. They don't exactly state the ways in which mobile payments are more vulnerable than physical cards so maybe it's a matter of better education.

 

[audreyh1]

I had my details stolen 3 times in 5 years so in 2013 I scratched off the code on the back and, fingers crossed, it has been 3 years without any problems.

I do like the idea of the dynamic code.

So many online purchases require the code. As do all sorts of reservations whether online or by phone. My hunch is that my card credentials are stolen that way.

 

[Alan]

So many online purchases require the code. As do all sorts of reservations whether online or by phone. My hunch is that my card credentials are stolen that way.

Not saying you are wrong but that implies that the online software where one enters the online code is compromised. (or that the code is wrongly held in a database - vendors are supposed to destroy the code once the verification is completed)

I am always nervous when I have to give that code over the phone.