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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."
No, they're to prevent the used of the information on the card without the card itself. These basically replace the CVV on the back of the card for determining that the user actually has it in their possession.
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.
What they did here is integrate a secure terminal like this one directly on the card.
These terminals are used for online banking. Every time you log in, you receive a different challenge. You then insert the card into the terminal and enter both the pin and the challenge and get the response back. Then you enter the response in the browser.
The goal of the system is to provide two-factors authentication. You need both something you have (the card) and something you know (the PIN).
The reason you need a secure terminal is that typing the PIN directly on the computer would allow a keylogger to steal it.
Overall it is a pretty solid system.
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.
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 saw these (or a similar type) last year here in Belgium when I was part of a test panel/opinion group.
Basically it was all possible types of payment systems thrown together in one card.
It had the debit card system we have here (Maestro / Bancontact), but at the same time you could use it as a credit card too (Visa / Mastercard). Most people in the group found this a good idea as all had multiple cards in their wallet.
As you can see it has the keypad type thing for extra authentication on the internet so you don't need an extra device for it. Nice, but less useful. Not everyone had a need for it, and we didn't get technical details about how secure it was or how it worked.
It also had some kind of contact-less system we don't have yet in Belgium but they said it was used in France. Small payments you could just make by holding your card above a reader, no need to enter a pin. As we don't know this, most found it insecure.
It also wasn't known if you could deactivate certain things or always had all features - like only use the debit/credit card combination but not the touchless thing.
I remember one disadvantage: the 'buttons' you had to push to generate the nr were difficult to operate. Had to push hard in exactly the right spot. Don't think elderly people could get along with it.
Technically I was impressed with this card for having battery electronics and lcd in it, as it was very thin and still flexible.
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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?