AI
| Followers | 38 |
| Posts | 13504 |
| Boards Moderated | 0 |
| Alias Born | 07/09/2002 |
Friday, December 02, 2016 12:56:11 PM
Visa and other issuers can stop online and phone order fraud due to "Card Not Present" with the technology from French firm Oberthur Technologies.
The card adds a tiny LCD display on the back and works with the chip in the "Chip and Pin" to display a new 3 digit Security Code on the back of the Visa card several times a day. As with the current Chip and Pin cards, the built-in wafer thin lithium battery lasts more than 3 years.
I already have a similar card from Bank of America which generates a 4 digit number when ever I apply pressure to the card to validate my larger online transactions when I don't have access to email to send me a 4 digit pin. BofA greatly over-charged me $20 for the electronic card, but they'll have to do this out of their own pocket with Visa cards at the cost of a nickel per card.
So it's up to the banks to decide - either continue to eat all of the "Card Not Present" fraud charges or add the tiny LDC display shown below for 5 cents per card.
http://www.bbc.com/news/technology-37585247 -- http://www.theatlantic.com/business/archive/2016/03/us-determined-to-have-the-least-secure-credit-cards-in-the-world/473199/
Of course banks would prefer to shift all of the fraud charges off to merchants for "Card Not Present" transactions rather than spend the 5 cents.
The card adds a tiny LCD display on the back and works with the chip in the "Chip and Pin" to display a new 3 digit Security Code on the back of the Visa card several times a day. As with the current Chip and Pin cards, the built-in wafer thin lithium battery lasts more than 3 years.
I already have a similar card from Bank of America which generates a 4 digit number when ever I apply pressure to the card to validate my larger online transactions when I don't have access to email to send me a 4 digit pin. BofA greatly over-charged me $20 for the electronic card, but they'll have to do this out of their own pocket with Visa cards at the cost of a nickel per card.
So it's up to the banks to decide - either continue to eat all of the "Card Not Present" fraud charges or add the tiny LDC display shown below for 5 cents per card.
http://www.bbc.com/news/technology-37585247 -- http://www.theatlantic.com/business/archive/2016/03/us-determined-to-have-the-least-secure-credit-cards-in-the-world/473199/
Of course banks would prefer to shift all of the fraud charges off to merchants for "Card Not Present" transactions rather than spend the 5 cents.
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
