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New Visa Card Features Keypad, Generates Random Security Codes
While the credit card is of the usual size and features a credit card number and magnetic strip for use with conventional card readers, it does not have a security code number in the traditional sense. Instead, cardholders will enter their PIN into the keypad, which will then generate a random number on the display. This random number will serve as the cardholder's one-time security code, which can then be entered to make online purchases.
While we're all about ways to combat identity theft, and think that this card is as valid a solution as any, we still know better than to immediately jump on board with new technology, particularly when it has to do with money, and even more particularly when we're in the middle of a recession. We'll let some other folks try it first, and then have them tell us how it works out. [From: The Daily Mail]
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Comments
8
Subscribe to commentsJanNov 17th 2008 5:24AM
Belgian banks have been using something similar for a couple of years now, except it isn't integrated on the card, we get a special box, which requires a challenge and response key after you insert the card. (it works with multiple card types, including visa).
My personal experience: it feels saver, but it is a lot of hastle typing over all the numbers.
MattNov 17th 2008 10:37AM
In the UK bank, Barclays, this is called Chip N Pin. You have to carry a calculator sized card reader around that you put the card into, type in your pic and generate a random number to check your online account. This new type of card would be a much welcomed enhancement...
RyanNov 17th 2008 3:55PM
If they used a variation of this, based on the RSA SecurID cards used in the IT world for passwords, it would be close to rock-solid. Nothing's perfect or ever will be, but using some sort of two-factor authentication like a SecurID card would be pretty close. Of course it would require you to carry a small key-fob, but I'd gladly do so if I thought it could help me keep my identity safe!
JustinNov 17th 2008 5:26PM
Similar technology has been used for computer security for many, many years, and determined hackers have, so far, been unable to break it. Look up "SecureID" and "DES cards".
lyalcNov 21st 2008 4:28PM
Euorpean banks using one time tokens are seeing numerous phishing ing attacks that break OTP by MITM methods, using the token value to conduct one or more transactions while showing the use various bogus screens.
OTP is broken, as always going to be trivially broken.
JohnNov 17th 2008 8:23PM
I have, honest, 10 passwords at work. My home alarm, the code for my phone messages, a code for the cell, 5 or 6 on here, a code for the car radio if the battery dies, the atm code and I know I'm forgetting more.
I should write them down if I start to get forgetful, or hospitalized and need a friend to pay my bills, etc. I know they are necesary but there are so many. And on a closing note, everytime you turn around, a friends area code has changed.
lyalcNov 21st 2008 4:29PM
1. This is just a prototype from a small Australian start-up, not Visa
2. Visa is nothing mush to do with this.
3. This technology and concept has been prototyped and trialled over a decade ago. Nothing has made the economics justifiable.
BrianJan 30th 2009 8:51PM
This seems like a complicated expensive device to create one time passwords when non electronic methods like PassWindow do essentially the same thing.