We’ll likely hear more stories about people who were out of cell range when they needed their credit card for an emergency (or problems with their password or changing credit card numbers in a similar situation) than we will of fraud. #One time password generator full#It will also introduce a new set of risks with which we are hitherto unaware of the full impact. I also believe one time passwords or one time credit card numbers may not be worth the costs (money, convenience, hassle, etc.). Likewise the CC company cannot fiddle it either as the transaction number would again be out of step with that on your card. The solution was thought up by the bods over at Cambridge labs where you put a Man In The Middle Device that recorde the communications with your card.Īll the system has to do is use a transaction number with each OTP issued, if the transaction number is out of step with the OTP issued then something is wrong.Īlso If the OTP/ transaction number is printed on the sales slip etc, and keep them or you write them down with the sum and merchant info (just like we used to do in our cheque book stubs ) then if the OTP is broken then it becomes clear immediatly after the first illicit transaction. However as seen with Chip-n-Spin the payment card industry has a way of enforcing liability on the customers. So I don’t opt in to any of them….”Īdmitadly the “what’s in it for me” factor does come into play, it was one of the things that killed off the first major attempt to sort out online CC transactions (Anybody remember EVM’s Secure Electronic Transactions and the thousand odd pages of ASN1 etc documentation?) “If i use any of the extra security features on my master card. Tags: authentication, cost-benefit analysis, credit cards, economics of security, passwords, PINs, smart cards, two-factor authentication Certainly better than that three-digit code printed on the back of cards these days.Īccording to the article, Visa will be testing this card in 2009 in the UK.ĮDITED TO ADD (12/6): Several commenters point out that banks in the Netherlands have had a similar system for years. The efficacy of this countermeasure depends a lot on how much these new credit cards cost versus the amount of this type of fraud that happens, but in general it seems like a really good idea. The idea is that this cuts down on card-not-present credit card fraud. The article doesn’t say if the code is time-based or just sequence-based, but in either case the credit card company will be able to verify it remotely. The idea is that the user enters his PIN every time he makes an online purchase, and enters the one-time code on the screen into the webform. This is a nifty little device: a credit card with an onboard one-time password generator. #One time password generator generator#Credit Card with One-Time Password Generator
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