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.
Latest Other Card News
A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]
2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]
Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]
This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.