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New Credit Card Includes Display and Keypad

Posted by samzenpus on from the looking-at-plastic dept.

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."

3 of 118 comments (clear)

  1. Re:What am i missing? by Fjandr · · Score: 5, Informative

    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.

  2. similar to Sweden, where all banking is electronic by acidfast7 · · Score: 5, Interesting

    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.

  3. Re:What am i missing? by Bomazi · · Score: 5, Informative

    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.