Friday, November 25, 2016

Smart card takes a step

The memo: Your bank security is pretty broken. It’s not your fault, it’s just really hard to keep people’s money safe, especially online.

Part of the problem is that once your card details are stolen – whether through a phishing attack or by someone copying the digits on the back – fraudsters are free to go on a spending spree until you notice something’s up.

They’re getting away with millions, and it’s a problem affecting over half a million people in the first half of 2016 alone.

Normally by the time you get around to actually cancelling your card, it’s all too late.

But what if the numbers on your card changed every hour so that, even if a fraudster copied them, they’d quickly be out of date?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.
Great, we actually have the chip doing something inside the card, and the number changing is tamper resistant. So, now smart card should be able to hold actual spending digits without a letter_to_daddy(_) for every transaction.

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