Credit card code to combat fraud

somanyholes · May 13, 2009, 10:57:49

finally some good news. Can't see any immediate problems with this, as long as all merchants globally end up using it....

http://news.bbc.co.uk/1/hi/technology/8046492.stm

Rik · May 13, 2009, 10:59:06

QuoteDevelopers say that the new technology would make it very hard for fraudsters, as any transaction would require the pin to generate the code.

I don't see it remaining hard for long, somehow. Measure and counter-measure.

somanyholes · May 13, 2009, 11:01:13

secure id has been round for a while rik, and there are no known security flaws. I'm sure this type of tech would beat card not present fraud as long as you can advise your bank only to accept transactions that have used the pin.

Lance · May 13, 2009, 11:05:10

Looks interesting. I wonder if the battery would hold out - solar energy anybody?

Rik · May 13, 2009, 11:08:52

I just feel that it's only a matter of time, So, the development of the credit card has seen measure and counter-measure for as long as I can remember - and I go back almost 40 years with Barclaycard.

somanyholes · May 13, 2009, 11:13:23

i know what you mean rik. Nothing in bulletproof, but this does at least look promising. Random data (as random as the algorithm is) is much more secure than static data at least in this instance

Rik · May 13, 2009, 11:14:13

Oh, I'm all in favour of it, I just remember holograms being touted as the solution to fraud.

Sebby · May 13, 2009, 13:51:27

talos · May 13, 2009, 13:56:42

Wont work for long, it's a rule of life, what one man can construct, another can destroy
( or woman )

Rik · May 13, 2009, 13:59:59

Fraud is just a commercial war, ultimately, Bob, so will always see the balance tipping one way or another.

talos · May 13, 2009, 14:06:41

Remember the anti, anti, anti, ant, anti, missile missile that blew itself up.

Rik · May 13, 2009, 14:15:45

I remember the Great Panjandrum from my reading (and Dad's Army). That was fun.