Credit card account compromised


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sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 24-10-09 00:24:40

Quote:
Originally posted by web2000

Even the chip card does not provide any security (Except PIN). It is just another way of making money by the chip reader creaters.

Whether the information is encrypted or decrypted, it does not matter. Even the PIN can be stolen while on wire.



True, that the PIN can be stolen, one thing I should mentioned, in the case of TD Bank, the plan was (I say plan was, 'cause that was the plan when I was working on that project back in 2006. I don't know what they have finally implemented) for transactions upto $25 every 11th transaction requires a PIN. So you're not using your PIN each time. Which reduces the chances of it getting compromised.

Now in the case of CitiBank - Petro Card, transactions upto $50 do not require anything, beyond that they require a signature. I'm guessing the signature part will change in the future to a PIN.

Note that TD is Visa, whereas Citi is MC. Visa and MC have their own rules and policies.

As an FYI, When I worked with TD back in 2005/06, I was the Project Manager for the Chip Card project only for the debit cards.


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Iceberg   
Member since: May 05
Posts: 919
Location: GTA and beyond

Post ID: #PID Posted on: 24-10-09 06:25:20

How about every time the credit card is swiped a SMS / automated call is sent to your cell phone. Only when you approve the transaction would go through. A few smaller banks have implemented this technology. So every rime you try to log in to your on line account a automated message calls your cell phone for approval.



G13   
Member since: Jul 06
Posts: 602
Location: Amidst a glow in the sky.

Post ID: #PID Posted on: 24-10-09 09:03:34

Quote:
Originally posted by Iceberg

How about every time the credit card is swiped a SMS / automated call is sent to your cell phone. Only when you approve the transaction would go through. A few smaller banks have implemented this technology. So every rime you try to log in to your on line account a automated message calls your cell phone for approval.



Devil's advocate :-) :-) : how about if the cell also gets stolen along with the wallet? not common but not impossible either.


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frnd   
Member since: May 07
Posts: 239
Location: GTA

Post ID: #PID Posted on: 24-10-09 09:24:32

Quote:
Originally posted by G13
Devil's advocate :-) :-) : how about if the cell also gets stolen along with the wallet? not common but not impossible either.



Not only that, one can forget cell at home/office/in car, died battery, no covereage. There must be some workaround if few small bank are using this (as per other poster)



web2000   
Member since: May 06
Posts: 849
Location:

Post ID: #PID Posted on: 26-10-09 09:19:46

Quote:
Originally posted by sudesingh

Quote:
Originally posted by web2000

Even the chip card does not provide any security (Except PIN). It is just another way of making money by the chip reader creaters.

Whether the information is encrypted or decrypted, it does not matter. Even the PIN can be stolen while on wire.



True, that the PIN can be stolen, one thing I should mentioned, in the case of TD Bank, the plan was (I say plan was, 'cause that was the plan when I was working on that project back in 2006. I don't know what they have finally implemented) for transactions upto $25 every 11th transaction requires a PIN. So you're not using your PIN each time. Which reduces the chances of it getting compromised.

Now in the case of CitiBank - Petro Card, transactions upto $50 do not require anything, beyond that they require a signature. I'm guessing the signature part will change in the future to a PIN.

Note that TD is Visa, whereas Citi is MC. Visa and MC have their own rules and policies.

As an FYI, When I worked with TD back in 2005/06, I was the Project Manager for the Chip Card project only for the debit cards.



What is the benefit of encrypting the information on chip? I can't think of any. I have seen so many software design proposals put by the less knowledgeable people and finally failed. Microsoft internet explorer is the good example which Microsoft could not built properly in the last 15 years.







Contributors: web2000(4) sudesingh(4) Fido(3) dimple2001(3) frnd(3) JRF(2) rajcanada(2) benparsad(1) G13(1) Maharaj(1) Iceberg(1) imwhoever(1)



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