Putting the squeeze on credit card fraud

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They should offer a keycard

All you need to order anything on the net/phone is the name and card number and often the credit card company can't even verify the address against the card. The eTailers often use an outside delivery insurer or verifying agent to do the check.
It really is as dumb as that, the credit card companies are only now making improvements to the system, but even then you have to know to enable it and its only an extra password:

https://usa.visa.com/personal/security/vbv/

A compulsary keycard received with the credit card would be a better option, e.g. like this one:

http://maylr.com/keycardfaq.html

You could then be asked a challenge-response instead of a simple password. e.g. "Dear customer please enter the code at location D4 on your keycard," and you enter J742.
The advantage is that it if there is a keysniffer on the machine to capture the credit card details, it also captures the password. But it can't know all the possible entries on the keycard, and a few incorrect guesses would be enough to flag the account as compromised.
So it would be a cheap and simple way to defeat key sniffers, which a password isn't.

Posted by: Nigel Johnstone   Posted on: 09/09/05 You are currently: a Guest | Members login | Terms of Use

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