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VeriSign To Offer Passwords On Bank Card
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."
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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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.