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Radio Credit Cards Move Closer
pvt_medic writes "CNN.com has an article about research that some major credit card companies (MasterCard and American Express) are putting into creating 'contactless' credit cards. These are similar to the Speedpass that ExxonMobil has been using for six years. What to people think about the prospect of this more widespread use of RFID? Is this something that will only lead to more credit card fraud, or will it provide more secure means of payment?" (The article comes from the Associated Press.)
The idea that the merchant doesn't have to touch the card makes it pretty unlikely that they'll check the id and the signature of the buyer, so this encourages fraud. It should at least require a PIN.
Also, there is no way for the customer to control access to the card. My sister recently picked me up at Kennedy airport, and as she was holding the parking fee money out the window, the attendant charged the fee to her EZpass because he was too lazy to look up. There wasn't enough room on the pass so she got hit with a penalty. He wouldn't even look up from his paper when she complained.
So you'll have to keep your card in a metalic wallet, because the lack of physical contact means you can't really control when it's accessed.
It's interesting that I can build a wand and get someone's information off the license in their pocket. Now you could potentially get their credit card number too.
It may be slightly faster, but beyond that I don't see how it's better for the consumer or the business.
I am always suspicious of any new technology whose benefit isn't readily obvious to its potential market. So the value of RFID cards are that you don't "fumble" as much? That's ridiculous. Most outlets allow the customer to swipe their own credit cards, so what is the difference between holding it in front of a reader and swiping it? I know some idiots can't line up the mag stripe on their card sometimes, but do we really need a whole new technology because of that?
It's obvious where the benefit of this is: surreptitious extraction of information and account data. Sit down on a bench with a reader in it, and all your credit card data was just captured. Walk in the door of an establishment and your RFID cards are scanned and the next day you get junk mail.
I feel the same way about "debit cards". These afford the consumer less protection and security than credit cards (which are protected under the Fair Credit Billing Act of 1976) yet this new gimmick was foisted upon consumers offering more convenience. BS.
No thanks. This is not any technology that benefits consumers from any angle I can see.
Why can't we just put a button on the little RFID dongle you would put on your keychain? Answer: we can. And this is what the CC companies should do. I know, speedpass doesn't implement it. But it would be very, very simple to do and go a long way toward easing my fears about this. I'm envisioning something similar to a Photon light.
Even better, why not pair it with an always-on RFID in your wallet, and only allow transactions when both are present? This'd prevent simple theft by valets, pursesnatchers, etc.