It's Time For Actual Security Features On Credit Cards. With the newest chip technology in credit cards, I think it's time to go over how flawed and unsecure our current credit cards are. The newest "great" feature being added to many credit cards is adding a chip to the card. A unique one time code is generated and makes duplicating your card next to impossible. That's great, but if I were a criminal, duplicating credit cards would be so far down my list of ways to beat the system, that the feature is rendered pretty useless. Not only does this add another part to the card that can wear out like the magnetic strip can, but also forces merchants to change their credit card systems. Also there is a much higher probability of forgetting your credit card while it is inserted in the card reader.
I'll quickly go over a few other "security" features and the glaring flaws with each of them.
I'll start with the front of the card. I've never had a merchant check to see if my name matches my gender. While not a security feature, I would think it would make sense to at least see if "Benjamin" is a reasonable name for a girl using a credit card. I've given my card to many other people male and female and none have ever had any trouble using my card.
On the back of every card is a "Not Valid Without Authorized Signature" box that is supposed to be signed before the card can be used. I'm going to wager a guess that many of you have unsigned credit cards in your wallet that you use daily. Even if you have signed the back of your card, getting the electronic box you have to sign to look the same as your own signature is next to impossible. I've purposely not signed my card to see if anyone would reject my card for this most heinous infraction. So far it's been over a year of "invalidity" and nobody has questioned my invisible signature. There is a credit verification value on the back of the card that is supposed to make sure that you have the card in your possession and the expiration date on the front, but since this code and expiration date are visible to all, if you can write down 3 numbers on the back and an expiration date, you will have cracked this most difficult security feature. You no longer need the physical card to make purchase online. There is also hologram on the back, but I don't even know why they bother with it, since I've never ever seen someone reject a card for a hologram related issue
I'll quickly go over a few other "security" features and the glaring flaws with each of them.
I'll start with the front of the card. I've never had a merchant check to see if my name matches my gender. While not a security feature, I would think it would make sense to at least see if "Benjamin" is a reasonable name for a girl using a credit card. I've given my card to many other people male and female and none have ever had any trouble using my card.
On the back of every card is a "Not Valid Without Authorized Signature" box that is supposed to be signed before the card can be used. I'm going to wager a guess that many of you have unsigned credit cards in your wallet that you use daily. Even if you have signed the back of your card, getting the electronic box you have to sign to look the same as your own signature is next to impossible. I've purposely not signed my card to see if anyone would reject my card for this most heinous infraction. So far it's been over a year of "invalidity" and nobody has questioned my invisible signature. There is a credit verification value on the back of the card that is supposed to make sure that you have the card in your possession and the expiration date on the front, but since this code and expiration date are visible to all, if you can write down 3 numbers on the back and an expiration date, you will have cracked this most difficult security feature. You no longer need the physical card to make purchase online. There is also hologram on the back, but I don't even know why they bother with it, since I've never ever seen someone reject a card for a hologram related issue
I am going to show you how easily I could take a credit card and make purchases and get away with it. All you need to do is take a picture of the front and back of a card, get a vpn, order online with the credit card, send the product to a house that is not your own, and then go pick up that item to enjoy or sell. I couldn't care less about a new chip and how it prevents me from making a duplicate card when all I need to do to order online is to take two photos.
How do we fix this? While there is no foolproof way to prevent a criminal from coming up with a way to steal using your credit card if you are determined enough, there are a few features that I feel would greatly improve the security. Two factor authentication (More detailed information here) is becoming more popular and while someone can take a picture of your credit card without you knowing, it is harder to notice when your phone is missing. The two factor authentication I use emails you that an account has been used and texts a code to your phone to enter that changes every 30 seconds. Unless someone has your phone and knows how to unlock it, they will have difficulty completing transactions. Fingerprint scanners could also add a layer of security. While not perfect or cheap, two factor authentication and fingerprint scanners could make credit cards far more secure than they are at the moment.
Credit card companies actually plan on a certain amount of fraud to take place and will reimburse losses at their own expense. If they had stronger security features, the millions of dollars in fraud they face each year would be drastically reduced. Customers would also greatly benefit from this, because as the victim of credit card hacking, it is an extreme hassle to have to activate a new card, go back and change any autopayments charged to your card and file tickets to get the money that was fraudulently spent by thieves. It's time for credit card companies to actually make real security features and stop being the punchline to the joke that is credit card security
https://steemit.com/security/@bendjmiller222/the-joke-that-is-credit-card-security
ΣΧΕΤΙΚΟ: How to disable (kill) the RFID chip
How do we fix this? While there is no foolproof way to prevent a criminal from coming up with a way to steal using your credit card if you are determined enough, there are a few features that I feel would greatly improve the security. Two factor authentication (More detailed information here) is becoming more popular and while someone can take a picture of your credit card without you knowing, it is harder to notice when your phone is missing. The two factor authentication I use emails you that an account has been used and texts a code to your phone to enter that changes every 30 seconds. Unless someone has your phone and knows how to unlock it, they will have difficulty completing transactions. Fingerprint scanners could also add a layer of security. While not perfect or cheap, two factor authentication and fingerprint scanners could make credit cards far more secure than they are at the moment.
Credit card companies actually plan on a certain amount of fraud to take place and will reimburse losses at their own expense. If they had stronger security features, the millions of dollars in fraud they face each year would be drastically reduced. Customers would also greatly benefit from this, because as the victim of credit card hacking, it is an extreme hassle to have to activate a new card, go back and change any autopayments charged to your card and file tickets to get the money that was fraudulently spent by thieves. It's time for credit card companies to actually make real security features and stop being the punchline to the joke that is credit card security
https://steemit.com/security/@bendjmiller222/the-joke-that-is-credit-card-security
ΣΧΕΤΙΚΟ: How to disable (kill) the RFID chip
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