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New Credit Card Includes Display and Keypad
First time accepted submitter pev writes "A new credit card released in Singapore includes a screen and keyboard in order to generate one-time passwords for your online banking. From the article: 'The card has touch-sensitive buttons and the ability to create a "one-time password" - doing away with the need for a separate device sometimes needed to log in to online banking. Future versions of the card could display added information such as the remaining balance.' Lets hope they've put more thought into the implementation than with chip and pin."
Don't one-time-pasword exists just in case you loose your card???
With these cards, it's like writing your PIN in the back of the card itself...
No personal checks in Sweden, so all person-to-person transfers are done in cash. However, banks won't take huge piles of money ... say anything over €500 ... so all of the those transfers are done electronically. When I sold my used bike, we met and did the transfer electronically at a cafe via mobile phones. The biggest difference was that you had to the put the credit card into a device that looks like a calculator and enter a number from the banking website into the card-inserted device. The number returned is that entered into the web to authenticate the transfer. This just does it all on one credit card, which is GREAT.
Looks like this for those interested ...
They are advanced. Everything is electronic. All train tickets, most plane tickets, and most subway tickets can just be done with the mobile phone (no paper needed).
They're REALLY pushing for a cashless society and making significant progress. Everyone is paid on the same day (25th of the month) after all.
To be honest, it's much more of a hassle in Germany and a total nightmare in the US, compared to the simplicity in Stockholm. Once you get up and running, it's super easy.
You give him/her 400SEK in cash (€40) or he gives you an invoice with his/her banking info and you just transfer it. He'll just email/SMS you the invoice. Pretty simple. We ran into significant problems trying to deposit 25000SEK (€2500) in cash into an account after selling a few items. The police became involved because they thought it might be part of a money laundering scheme (the money can't be tracked once it's in the open.)
...all the rage it was. I could do maths and stuff on it and everything. Fitted in my wallet and was credit card sized and 1mm thick...
So why the big fanfare about sticking electronics in a card again, 30 years later?
Yes, we have the same thing here in the UK.
it's called CAP, Chip Authentication Programme. I was the designer of the system that used by a big UK bank. It requires a self powered sleeve reader (that looks alike a calulator) and it's an open standard so that all EMV cards can use any branded reader device (they don't tell you that). Some of the readers have a "MENU" button and you can read off the transaction counter etc on your card. A handy way to tell if someone close has been using the card while you're not looking. if you do muck around with your card, be careful. I changed my PIN to be 6 digits on some test gear and ended up having to get a new bank card because the UK ATM network is hard coded to 4 digits. EMV cards support 6 digits.
"I changed my PIN to be 6 digits on some test gear and ended up having to get a new bank card because the UK ATM network is hard coded to 4 digits."
Why couldn't you use the test gear to change it back to 4 digits , or once its set to 6 digits is it fixed at that and can't be reverted?
Show me how durable that thing is by putting it in a overstuffed wallet that is then used by a construction worker who bends over and plops down 90 times a day.
I remember the SecurID credit cards. I had to replace them 3 times a year from cracked LCD screens or cracked boards.
Do not look at laser with remaining good eye.
Basically we have "news" of a product by SmartDisplayer, that they have been producing for the last 7 years, already implemented by some 30 banks, used by Visa in some markets, which I have been using with the in-house TOATH authentication systems for the last four years. So where's the news? Slow news day?
Why choose LCD over e-ink?
Get free satoshi (Bitcoin) and Dogecoins
Why would I want to carry one of these gadgets around when I already have a smartphone which can do the same job?
You answered this question in your first paragraph. A mobile phone application runs on a general purpose OS (which, unless its an iPhone or a Google-branded Android phone, probably has a load of old and buggy libraries and kernel because your carrier doesn't push out updates sufficiently competently). Even if the app itself is perfectly written, the TCB contains a whole load of other stuff that really shouldn't be trusted - you install one malicious app by mistake (or visit one malicious web page with a browser that has a known exploit that is fixed upstream but the fix never pushed to you) and your bank account is compromised.
In contrast, the device on the card is running a simple OS, has no network communication, and is basically impossible to trojan without physical access and disassembly.
By the way, we have the Singapore banking regulator to thank for a number of things, including two-factor authentication for online banking. They were the ones that insisted that it had to be provided by all banks doing business in Singapore, and the big banks decided that it was cheaper to roll it out worldwide than have a single system for Singapore. They also have very strict rules (and impose fines for violations) regarding security and disclosure.
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spending 30 seconds writing a cheque.
Plus 5 minutes to deposit said cheque, then a few days waiting for said cheque to clear before your balance reflects reality again.
upon the advice of my lawyer, i have no sig at this time
I'm sorry, did you just say the police got involved because you had to deposit a measly couple thou in cash?? That one thing pretty much negates any other advantage the Swedish system may have. No offense, but that's just insane.