4 ms·
This is cool, but it solves the wrong problem. The two biggest sources of credit card fraud are: 1.) Credit card numbers stolen from merchants with insecure s
by sbierwagen 16y ago
This is cool, but it solves the wrong problem.
The two biggest sources of credit card fraud are:
1.) Credit card numbers stolen from merchants with insecure systems.
2.) Credit card stripe information stolen by skimmers installed on legitimate terminals.
To combat these, you either need an entirely new system, (which would require every bank, everywhere, to buy into a new system, and thus will never happen) or something that generates new credit card numbers on the fly.
Hey, that would actually make this workable.
Have your bank generate ten one time use credit card numbers. Upload them to your smart credit card. Each time you swipe it, it uses up a CC#. After ten swipes, it's an inert piece of plastic until you reauthorize it.
- henrikschroder 16y agoI know there are banks here in Sweden where you can get one-time VISA numbers for online purchases. You enter a maximum amount where you guess your purchase will end up, you get a VISA number and expiry date and all that, and it's valid for one purchase. If someone stores that number or tries to use it again, they're shit out of luck because the thing isn't connected to your account, you are not liable in any way. However, those are only practical for occasional purchases, I'd assume you would run through the numberspace pretty quickly if everyone had that by default on their cards. But it's a neat idea. :-)
- qeorge 16y agoChase offers this, as well as PayPal. In addition, you can generate MasterCard numbers that only work with a specific merchant, but can be used many times.