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French Banks Offer Credit Card Numbers That Change Every Hour (thememo.com)
Slashdot reader schwit1 quotes The Memo:
What if the numbers on your card changed every hour so that, even if a fraudster copied them, they'd quickly be out of date? That's exactly what two French banks are starting to do with their new high-tech ebank cards... The three digits on the back of this card will change, every hour, for three years. And after they change, the previous three digits are essentially worthless, and that's a huge blow for criminals... As most fraud happens a few hours or days after your card details are actually taken, this would leave criminals essentially with a bunch of useless numbers.
It's just like credit cards you have now -- other than the tiny digital screen that's embedded into the back of the card.
It's just like credit cards you have now -- other than the tiny digital screen that's embedded into the back of the card.
the changing numbers solve a different problem
using them online when no chip and pin transaction is possible
Will this break regularly scheduled withdrawals for automated billing?
No. First, in Europe, these are _not_ done via credit-card, but via interbank-transfer. Not everybody is stuck in the banking dark-ages like the US. Second, for credit-card based schemes, you authenticate once and then the bank knows these are legit and it works without further authentication.
Most ACs are not even worth the keystrokes to insult them. Be generically insulted by this and ignored otherwise.
Also, chip+pin does nothing to help with online sales, or any sales where they simply choose not to use a chip+pin transaction. Someone can copy down your card number and expiration date and make transactions.
If you RTFS* you'd see that the card number isn't what changes, it's the CVV2 code on the back of the card. For a long time you've needed these three digits for any "customer not present" transactions (phone or online orders), so just writing down the card number isn't nearly as big a risk as it was in the past.
What this new card does makes it very difficult to do are CNP transactions without having the card physically present; scammers could copy the details but they'd only be good for an hour at most, and most merchants would be wary of dispatching goods to somewhere other than the billing address at least for the first time they're provided with that card's details.
*Easily forgiven when the headline gets it wrong too.
If God forks the Universe every time you roll a die, he'd better have a damned good memory.
What's up with this "freedom" propaganda in the US?
In most of the freedom indices, the US is unremarkable compared to other western countries. It is not bad, but among these countries, only the US seem to brag about it so much. I suppose it is some kind of political strategy to justify anything.