In The News – VISA Launches A Highly-Secure Card In Europe

Dollar Signs and @ Signs According to a June 4, 2010 ComputerWorld article, VISA is launching a card with a keypad that will require a passcode be entered at the time of the transaction.  The article states “Visa has launched a payment card in Europe that contains a keypad and an eight-character display for showing a one-time passcode, an additional defense against potentially fraudulent Internet transactions.

Visa’s CodeSure also acts as a chip-and-PIN (personal identification number) card, where people enter into a terminal a four-digit pin that is confirmed by a microchip within the card during a face-to-face or cash machine transaction.”

Okay…I’m feeling really good that we have a major credit card company in the world concerned enough about online and other fraudulent card transactions.  I’m also happy that this new card appears to be highly secure and therefore will eliminate a large number of bad transactions.  However…you knew a however was coming, right?  However, my cynical side thinks that we consumers will once again be the ones to bear the additional cost of this new card.  I really wanted to use a little stronger metaphor just then, but thought better of it.  The article didn’t mention the cost of the new card, but it does have a processor, keypad, display and an activation button; I’d say it was going to be more costly than the existing cards that are so thin they split and crack in my wallet.  And VISA will probably pass on the new costs to the customers or the merchants, but either way, you know who’s going to pay the bill don’t you.

If you’re, like me, getting a little steamed about this; consider that this wonderfully secure card benefits VISA much more than it will we consumers because the laws, in the US at least, require the card companies to pick up most of the losses from fraudulent transactions.  So…I’m having mixed emotions about this new card.  Thing is…I’m an IT guy and feel a little guilty for not being more elated at this cyber marvel of a card.  Guess time will tell how this turns out.

Let me know how you feel about this card and the issues surrounding it.

Please comment on this article; we all learn from each other when our views and opinions are shared.

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Remember, home computing is a blast…keep it productive and enjoyable.

Best regards,

Paul

paulshomecomputing@yahoo.com

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8 Comments

Filed under In the News, Internet, security

8 responses to “In The News – VISA Launches A Highly-Secure Card In Europe

  1. Pingback: In The News – VISA Launches A Highly-Secure Card In Europe (via Paul’s Home Computing Blog) | chimac.net – Stuff worth knowing about

  2. Bill and Rick, ahead of me, made excellent points. And I think you’re right to “not be elated”.
    But I am going to try to be the optimist, and just focus in an how different (180° different) this attitude towards security is from a mere year, or so, ago when RFID “fast pass” was being pitched to us as the most marvelous convenience (and now we have to wrap our cards in foil) — just wave your card in the general direction of a reader! You don’t have to bring the world to a halt while it waits for you to write a check! (TV ads).
    To me, it is an indication that people are starting to “get it”. (Is too late better than never?)

    As for your primary point (we pay).. do I win a prize if I correctly guess what the “stronger metaphor” might have been?

  3. Pingback: Geek Squeaks’ of the Week (#63) « What's On My PC

  4. Paul,

    Let me start by giving you this quote –

    “Any intelligent fool can make things bigger and more complex… It takes a touch of genius – and a lot of courage to move in the opposite direction.
    – Albert Einstein

    One more time, these fools are refusing to deal with the issue, cyber crime, in a proactive and positive manner. Instead, they are making a simple transaction more complex, and costly, for both the customer and the merchant.

    Contrast this with what happened with counterfeiting – currency became much harder to copy, and most importantly, the crime itself was made a federal offense with draconian punishment attached.

    Governments must begin to focus on cyber crime, cooperate with each other, and apply appropriate sanctions to those who are convicted. Otherwise, technology crime will eventually impact our standard of living.

    Bill

    • Bill,
      You’re right, of course. It’s always a better solution to fix the source of the problem than try to put bandaids on the downline process. Thanks for reminding me of that best practice. Very thoughtful response, thanks for dropping by.
      Paul

  5. Paul,

    I’m with you on this one… The cost will be absorbed on the consumer side; no doubt…

    Just concerns me that everything we are doing is becoming digital; including (now) our credit card. Just give it time and the criminal element will break this, as well !

    Rick

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