Credit card fraud happens quite often around the world. PIN codes do not seem to be enough protection as people skim, duplicate and record what you are typing in to a PIN code machine. The latest idea is to have more security added. To use it a password is needed which is generated on the spot as and when needed. The cool thing about this credit card security device is that the pass wording system is actually on the card in the form of small numbered keys and an ultra thin screen. It is known as a credit card embedded authentication device and is made by two companies named Innovative Card Technologies and eMue Technologies.
To use the device you need to enter a secret PIN on to the cards keypad. A numeric password to use just once will appear on the screen. To use the card the password must be first entered on to either a web browser, ATM or in a store, followed by the card. No PIN number is entered on the actual receiving device such as the ATM. By switching where the PIN code is entered, the security is increased because of hidden cameras that could have been tracking what you entered on the keypad of the ATM. This device is not actually available yet, but there is mention of it floating around a lot of trade shows.
Nice idea! and I do hope to see security pushed even further with debit and credit cards.
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Banks are boosting identity and ATM fraud by not implementing ID KEY system described on website http://www.xwave.co.uk which will reduce card fraud, cheque fraud , mail order fraud, ATM fraud and identity fraud to VIRTUALLY ZERO permanently simply by making signature and PIN number systems reliable.
Fake documents have made signature system unreliable but ID stickers will enable us to personalise them like passports to make these signatures reliable again.
Skimmers and pin-hole cameras have made ATM transactions unreliable but use of Card Key Code stored on ID KEY required to activate ATMs will make ATM transactions reliable again. This system will make use of stolen and skimmed cards meaningless.
This shows that if banks implement ID KEY system we will not have to prosecute organisations for failing to protect our personal and card details since these details will not get misused.
ID KEY can be treated like international ID card since it will personalise signature and PIN number to only right individual anywhere in the world. Just like banks even the Government fail to appreciate this unique advantage of ID KEY system.
That is so clever! It will be interesting to see where security technology goes in the near future.