A simple solution to credit card fraud, and why you won't see it any time soon
1–10 of 130 posts
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#2In other words, redirect each credit card transaction to your bitcoin wallet?
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#3Citi has offered virtual account numbers for its credit cards for a while, which solves the "Once someone knows your card number they can use it to conduct any transaction they choose" problem. It's still a hassle to remember to go to citicards.com and generate a new number, provided that Chrome helpfully auto-fills your saved number.
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#4I think he's taking about a solution similar to the RSA key cards typically used for VPN login at some big companies.
https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcSP3PxS...
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#5If you look at how they were actually deployed in Europe, you'll realize that it's not much different over there. "Chip and Pin" is if anything worse than no encryption, because it gives the illusion of security. I don't know about the situation in Asia.
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#6So...what's the solution?? "Use public key encryption" doesn't help us much. Especially when you claim "it's not hard". Disposable numbers have been tried many, many times and the user experience stinks. Maybe with the prevalence of good mobile experiences, their time has come?
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#7The financial companies are the most technology adverse group out there. They are risk handling and money moving engines and not interested in innovation. Every advance in technology is a direct result of legislation (like the recent addition of check scanning at ATMs) and legislation never follows the cutting edge.
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#8If the the card brand, say Visa, would generate a public key that I could use on my web server to send them their credit card data, then I, my payment gateway, and maybe even my even my merchant bank, would never have to know the card number. VisaNet could decrypt it on their side with their private key and determine the issuer and account information to process it. Just the customer and VisaNet and the issuer probably needs the card number itself. Everyone else just needs to know the result of the transation.
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#9Feels like over-reactive writing. Of course big business works to protect its interests and offload costs of business to customers. Big business is also terrified and highly resistant to change to systems that are generating profit that may reduce profit, regardless of any social value.
Why is this so shocking to the author?
Re: A simple solution to credit card fraud, and why you won't see it any time soon
#10There is no solution for credit card fraud because the credit card companies do not pay the bulk of the fraud that happens. I have been the subject of fraud both as a merchant and as a consumer and in both cases i was the one that paid.