Reply
Contributor
toiletbowl69er
Posts: 106
Registered: ‎11-08-2012

interesting article about new credit card technology

http://asia.cnet.com/mastercard-rolls-out-credit-card-with-display-and-keypad-62219392.htm

 

I only understood the gist of this and I don't think it affects the US yet (correct me if I'm wrong). But, can someone explain the purpose of this and feel free to add any thoughts and opinions.

Capital One Platinum MasterCard | $2,000 | 05/08
Macy's Store Card | $1,500 | 09/09
Chase Freedom Visa | $3,100 | 11/11
Discover It | $750 | 03/12
American Express BCE | $1,000 | 11/12
Chase SP Visa Signature | $8,000 | 12/12
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: interesting article about new credit card technology

[ Edited ]

toiletbowl69er wrote:

http://asia.cnet.com/mastercard-rolls-out-credit-card-with-display-and-keypad-62219392.htm

 

I only understood the gist of this and I don't think it affects the US yet (correct me if I'm wrong). But, can someone explain the purpose of this and feel free to add any thoughts and opinions.


 

Many large companies use One-time-password tokens to allow employees remote access (VPN) to their corporate networks (so you can get on from home, from a hotel on a business trip etc).   Outside the US, they are also commonly used for online banking by consumers.  The user goes to the site, enters normal login information but then is also prompted for a one-time code.   Some US banks do something similar, e.g a Bank of America user can set up their site so that a number is sent to the mobile (the cell number is stored with the account) and they have to enter that number at login.

 

Many one-time-password systems (such as the RSA soft tokens) require the user to enter a PIN, and the device then produces a number that changes every minute.  The user enters that number (and some other info) to gain access to the required system.

 

It looks like the card in the article has the same functionality, combining the normal credit card function with some online banking security function.  Presumably some credit card transactions could also, now or in the future, require the user to enter a OTP as additional security.    This isn't all that exciting as token generators can already be stored on a smartphone, so it's not as if there is an extra device to be lugged around.  And I can think of situtations where tapping a code into a phone is a lot safer than taking out a credit card and having to tap a code into that!

Contributor
toiletbowl69er
Posts: 106
Registered: ‎11-08-2012

Re: interesting article about new credit card technology


bs6054 wrote:

toiletbowl69er wrote:

http://asia.cnet.com/mastercard-rolls-out-credit-card-with-display-and-keypad-62219392.htm

 

I only understood the gist of this and I don't think it affects the US yet (correct me if I'm wrong). But, can someone explain the purpose of this and feel free to add any thoughts and opinions.


 

Many large companies use One-time-password tokens to allow employees remote access (VPN) to their corporate networks (so you can get on from home, from a hotel on a business trip etc).   Outside the US, they are also commonly used for online banking by consumers.  The user goes to the site, enters normal login information but then is also prompted for a one-time code.   Some US banks do something similar, e.g a Bank of America user can set up their site so that a number is sent to the mobile (the number is stored with the account) and they have to enter that number at login.

 

Many one-time-password systems (such as the RSA soft tokens) require the user to enter a PIN, and the device then produces a number that changes every minute.  The user enters that number (and some other info) to gain access to the required system.

 

It looks like the card in the article has the same functionality, combining the normal credit card function with some online banking security function.  Presumably some credit card transactions could also, now or in the future, require the user to enter a OTP as additional security.    This isn't all that exciting as token generators can already be stored on a smartphone, so it's not as if there is an extra device to be lugged around.  And I can think of situtations where tapping a code into a phone is a lot safer than taking out a credit card and having to tap a code into that!



+1. Thanks for the explanation!

Capital One Platinum MasterCard | $2,000 | 05/08
Macy's Store Card | $1,500 | 09/09
Chase Freedom Visa | $3,100 | 11/11
Discover It | $750 | 03/12
American Express BCE | $1,000 | 11/12
Chase SP Visa Signature | $8,000 | 12/12
Valued Contributor
trumpet-205
Posts: 1,945
Registered: ‎11-11-2010

Re: interesting article about new credit card technology

Most likely OTP can be used in future online transaction (where most credit card fraud occur).

 

Hopefully this and along Verified by Visa/MasterCard SecureCode will be mainstream.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash+ (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013) | FNBO/Overstock (02/2014)
Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011

Re: interesting article about new credit card technology

[ Edited ]

So this is basically they same as a randomized authenticator but you create the auth key on the fly?

 

I mean it's interesting in all but I would rather have a randomized auth app on my phone or something rather than directly on the card - kinda defeats the purpose. And I would rather not have to change the batteries in my credit card - unless it's solar or something. It seems like the 'on/off' button would get pushed easily in your wallet while sitting on it. Not to mention things like cracked LCD screens from the wallet contouring to your rear.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: interesting article about new credit card technology

 

Assuming it is similar to RSA tokens, at account set up, you set up a PIN which is associated with your account.   When logging in (or authenticating the credit card transaction) you will enter the PIN into the card, which will generate the "random" number, based on PIN + time, and you then enter that number into the system.

 

Then using the PIN stored with your account, the other end can authenticate that the number is correct.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+