 |
Nextgen credit card technology
10-10-2016, 02:05 AM
|
#1
|
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,128
|
Nextgen credit card technology
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
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
10-10-2016, 04:56 AM
|
#2
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,486
|
"It is powered by a thin lithium battery..."
I like the idea. But will my wallet explode or be banned by the airlines?
Sent from my iPhone using Early Retirement Forum
|
|
|
|
|
10-10-2016, 06:46 AM
|
#3
|
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,128
|
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
|
|
10-10-2016, 09:56 AM
|
#4
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,809
|
I like your idea of removing the 3 digit code from the back, Alan.
|
|
|
|
10-10-2016, 10:16 AM
|
#5
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
|
 Quote:
Originally Posted by 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?
Sent from my iPhone using Early Retirement Forum
|
As long as you carry on your wallet, you're OK!
__________________
Retired since summer 1999.
|
|
|
|
|
10-10-2016, 10:59 AM
|
#6
|
|
Thinks s/he gets paid by the post
Join Date: Jul 2011
Posts: 1,288
|
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.
|
|
|
|
|
10-10-2016, 11:01 AM
|
#7
|
|
Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,902
|
Quote:
Originally Posted by davef
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.
|
|
|
|
|
10-10-2016, 12:00 PM
|
#8
|
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,128
|
Quote:
Originally Posted by Lsbcal
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
|
|
10-10-2016, 12:10 PM
|
#9
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
|
Quote:
Originally Posted by 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.
|
Memory - my card code wore off from wallet carry - now I can't buy anything online... Now THAT'S security!
|
|
|
|
|
10-10-2016, 12:13 PM
|
#10
|
|
Full time employment: Posting here.
Join Date: May 2013
Posts: 756
|
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.
__________________
“Believe me, my young friend, there is nothing - absolutely nothing - half so much worth doing as simply messing about in boats.” ― Kenneth Grahame, The Wind in the Willows
|
|
|
|
|
10-10-2016, 12:14 PM
|
#11
|
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,128
|
Quote:
Originally Posted by calmloki
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
|
|
10-10-2016, 12:58 PM
|
#12
|
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
Quote:
Originally Posted by davef
It must be cheaper to pay for fraud than advances made to prevent it.
|
Quote:
Originally Posted by GrayHare
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.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
10-10-2016, 01:37 PM
|
#13
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Posts: 7,438
|
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.
|
|
|
|
|
10-10-2016, 05:19 PM
|
#14
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
|
Quote:
Originally Posted by 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.
|
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.
__________________
Retired since summer 1999.
|
|
|
|
|
10-11-2016, 01:17 AM
|
#15
|
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,128
|
Quote:
Originally Posted by audreyh1
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
