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That's why you should enable two factor authentication on your credit card: online transactions would require confirmation with single-use password you receive

by mamon 10y ago

That's why you should enable two factor authentication on your credit card: online transactions would require confirmation with single-use password you receive by SMS.

seanp2k2 10y ago
What cards allow this? I would do it in a second if that was a thing I could actually have. Not 100% foolproof but I'd bet it would stop almost all fraud.
- CmdrSprinkles 10y ago
  Not aware of any cards specifically (outside of European chip-and-pin, but I don't think those usually work online), but this is the big argument for things like android/apple/firebomb pay. Make a purchase, then sign off on your phone (or fingerprint reader on your laptop). It obviously won't resolve the issue posed in the article, but it is definitely a step in the right direction and many of the major CC companies are integrating more and more. In five or six years I can easily see Chase and the like giving an option to only let the physical card be used in chip-and-pin mode and to require the use of an approved service for any contactless/online orders. Obviously the approved services thing is a concern, but not a huge one.
mamadrood 10y ago
I don't know if you're talking about the 3-D Secure / Verified by Visa system, but the major flaw of this technology is that the merchant is the only one responsible for putting it up or not. I used to work in e-commerce and my company simply disabled the SMS protection because it would harm sales and the platform would sometimes completely crash. On the other hand there is no way (that I know of) that I, as a customer, could prevent my card being used in non secured websites. So this system makes legitimate purchases harder and doesn't prevent fraud. We need a different technology than credit card for online payments, they are not secured enough and any layer of security that we add around them won't work.

by mamon 10y ago

That's why you should enable two factor authentication on your credit card: online transactions would require confirmation with single-use password you receive by SMS.

seanp2k2 10y ago

What cards allow this? I would do it in a second if that was a thing I could actually have. Not 100% foolproof but I'd bet it would stop almost all fraud.

CmdrSprinkles 10y ago
Not aware of any cards specifically (outside of European chip-and-pin, but I don't think those usually work online), but this is the big argument for things like android/apple/firebomb pay. Make a purchase, then sign off on your phone (or fingerprint reader on your laptop). It obviously won't resolve the issue posed in the article, but it is definitely a step in the right direction and many of the major CC companies are integrating more and more. In five or six years I can easily see Chase and the like giving an option to only let the physical card be used in chip-and-pin mode and to require the use of an approved service for any contactless/online orders. Obviously the approved services thing is a concern, but not a huge one.

mamadrood 10y ago

I don't know if you're talking about the 3-D Secure / Verified by Visa system, but the major flaw of this technology is that the merchant is the only one responsible for putting it up or not. I used to work in e-commerce and my company simply disabled the SMS protection because it would harm sales and the platform would sometimes completely crash. On the other hand there is no way (that I know of) that I, as a customer, could prevent my card being used in non secured websites. So this system makes legitimate purchases harder and doesn't prevent fraud. We need a different technology than credit card for online payments, they are not secured enough and any layer of security that we add around them won't work.