New Credit Card May Be Solution To Identity Theft Problem
Identity theft – specifically credit card fraud – is one of the fastest-growing crimes in the United States. Dynamics Inc. a company focused on innovating payment cards and payment card systems, has unveiled a potential solution at the 2012 Consumer Electronics Show in Las Vegas, Nevada.The new card they have developed uses special technology to randomize six of the digits on a user’s credit card every single time they use it. A one-time use code would be generated for all transactions, whether they are conducted online or in person, which would render the card more or less useless to a thief should the card get stolen, so claims ArsTechnica, a tech news blog. How it works is a brand new number displays itself on a built-in screen during a transaction, only after the cardholder punches in a personal code on a five-button keypad that is embedded in the card. When the card is not in use the screen remains blank, as does the magnetic strip on the back.
That magnetic strip is most impressive innovation of the card. It is programmable in real time to transmit the necessary data to complete payment following which it can be wiped clean in an instant.
This makes it possible for a single Dynamics Inc. card to be used for multiple lines of credit, meaning that an individual can manage both their business and personal credit card accounts from the same card, for example. When a card has two accounts on it, the user chooses which account to use by pushing a button, and the one selected lights up.
The card has the look and feel of a traditional credit card and is as durable – it can be kept in pocket, wallet or purse and even withstand being bent without any damage done to the internal electronics. However on a Dynamics Inc. card where there is typically a raised string of numbers spanning the card’s face there is an LCD screen.
Should the card get lost or be stolen, a fraudster can’t use it without knowing the personal code to punch into the keypad. Because each credit card number is unique and generated for each transaction, no data lingers on the card for a would-be thief to hack. Currently, Citibank is using the cards in some small pilot programs.
Each card comes equipped with a battery that is said to last three years.