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VeriSign To Offer Passwords On Bank Card

Posted by kdawson on from the third-factor dept.

Billosaur writes "Imagine the PayPal security tool embedded on a credit card. VeriSign is announcing that a deal is in the works to provide credit cards with one-time-use passwords. By placing the technology directly on the card, it becomes more convenient and provides an extra layer of security for online credit-card transactions. A cardholder would type in their information as normal and then would be prompted to enter the passcode displayed on the card. This means a user would need to have the physical card in hand in order to use it, thus thwarting identity thieves who steal credit card information but do not possess the card itself. VeriSign said it expects to announce a major bank using its cards in May."

4 of 158 comments (clear)

  1. securid? by 192939495969798999 · · Score: 4, Interesting

    Wouldn't this basically be a version of SecurID? Why don't banks just roll out SecurID to everyone and get the same net effect?

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  2. while the concept is interesting by jimstapleton · · Score: 3, Interesting

    How long is the cycle on the card? And how do they keep it from going out of sync? My watch loses about a second every day (ok, it's a cheap watch), but nonetheless, the only way it and the server can work is if the key is based on time. If that is the case, then they card's clock has to stay sync'd with the server's clock... Wouldn't that be a problem?

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  3. Power? by airos4 · · Score: 3, Interesting

    So as I understand it from the article, there'll be some sort of "device" in a corner of the card, with a "display window" that shows the randomized password? How's it powered? How's it controlled? What happens when the battery in my credit card is dead?

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  4. Durability by eimsand · · Score: 4, Interesting

    My immediate concern is durability. Credit cards take a lot of punishment. I probably replace my credit card once a year because the magnetic strip has become damaged and no longer readable. All the same, magnetic strips have shown great durability for putting up with a fair amount of punishment. I'm not sure I can visualize an LCD screen thin enough to be incorporated into a card that will withstand 175+ lbs of pressure for hours at a time. And that doesn't even consider the circuitry involved in generating the passcode.