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Submitted via IRC for AndyTheAbsurd
Forget fraud, Société Générale and Groupe BPCE's new bank cards are about to change everything about fraud.
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 But what if the numbers on your card changed every hour so that, even if a fraudster copied them, they'd quickly be out of date?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.
On the back of each card is a 3 digit security number which you must quote to validate any online or telephone purchase. If this number is compromised then there is nothing to prevent the card being used by anyone else. But on the new card the digits are displayed on a small LCD 7-segment display:
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.
Providing that you still have the card in your possession, then whoever has access to the current security number has less than 1 hour to make use of the card. No details are given on how the card issuer and businesses keep synchronised with the current valid card number.
[Ed's Note: Edited to show LCD display rather than LED. Apologies for my error.]
(Score: 2) by archfeld on Wednesday October 05 2016, @07:34PM
I don't have issues for saved cards like with Amazon, I can easily re-enter the CCV digits each time, but what I question is how is this going to affect things like my DirecTV auto payment setup that runs at a set time each month WITHOUT my initiation ? Under the current setup I don't see this functioning. I have several bills set to auto pay in this manner and having to go back to paying them myself or relying on contact not knowing where I am going to be during any given period is going to be inconvenient to say the least. I move about according to the weather, from Northern CA, to Yuma AZ, and several other points that family and friends live based on the weather and my current job contract. I already have issues quite often with the CC company because of the locations I charge from and the frequency I move about.
For the NSA : Explosives, guns, assassination, conspiracy, primers, detonators, initiators, main charge, nuclear charge
(Score: 2) by Grishnakh on Wednesday October 05 2016, @07:40PM
For people like you, if there's certain spots you regularly go to at certain times of the year, would it make sense to have multiple credit cards, and only use certain cards at certain locations? I know it'd be a bit of a pain, but that might solve the problems with constantly flagging fraud-detection algorithms.