This is a great idea. Essentially, this new technology basically embeds technology similar to RSA's SecureID into individual credit cards. For those not familiar with SecureID, it generates a one-time PIN that is used in combination with a username and password to log on to an information system. This way even if a bad guy gets your username and password, they still need the fob that generates the one-time password.
Since the PIN these souped up credit cards generate would be valid for only a single transaction, thieve need to have the physical card in order to conduct a fraudulant transaction. This is like CAPTCHA on steriods.
The technical details are still sketchy. I can only assume that the technology requires some modified infrastructure. We'll probably just see the enhanced authentication used for high value transactions at first, but I bet it will spread to daily transactions as the infrastructure builds out.
This is one of the coolest anti-fraud technologies I've read about in a long time. Here's the article:
Visa plans credit card with onboard TAN generation - News - heise Security UK
Technorati Tags: credit card, security, fraud, technology
Since the PIN these souped up credit cards generate would be valid for only a single transaction, thieve need to have the physical card in order to conduct a fraudulant transaction. This is like CAPTCHA on steriods.
The technical details are still sketchy. I can only assume that the technology requires some modified infrastructure. We'll probably just see the enhanced authentication used for high value transactions at first, but I bet it will spread to daily transactions as the infrastructure builds out.
This is one of the coolest anti-fraud technologies I've read about in a long time. Here's the article:
Visa plans credit card with onboard TAN generation - News - heise Security UK
Technorati Tags: credit card, security, fraud, technology
1 comment:
Lifelock looks like an interesting service. How long have you guys been working on it?
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