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.
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