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Time has come to avoid card all together in ATM why not use OTP to take money out , when you put some number and code
by jsudhams 10y ago
Time has come to avoid card all together in ATM why not use OTP to take money out , when you put some number and code
- StavrosK 10y agoI installed the Revolut app the other day and was just today sent a debit card from them. The app is interesting in that it has an option where you can deactivate the magnetic strip. Since nobody in my country ever used the magstripe for anything, I went ahead and disabled it, which theoretically should prevent against skimmers. It also has options to decline transactions from a location other than where your phone is, or transactions online. Pretty interesting what you can do when your credit card has a companion app.
- superuser2 10y agoAmerican banks have continuously made a conscious choice to ignore more secure designs (one-time passwords, signing transactions, push-based methods of sending money rather than authorizing someone else to pull it, etc) because it is cheaper to eat the fraud than to revamp the payment networks. This is only now changing with the advent of Chip + Signature, with a tiny portion of stores now accepting it years after the deadline.