Why not ?

Why can’t credit card companies come up with a system that disallows existing credit card to be used on internet payment gateways and introduce a new type of cards that can have the following security enablements:

1. has a unique numbering system, like INCC-nnnn-nnnn-nnnn (INCC for Internet Credit Card) so that only cards with such numbering are allowed.

2. has a CVV: you make the transaction and enter CVV just like today

3. an email goes to your mail account asking you to verify the transaction

This triple-ring security will help people use their card online without fear of hacking. It is possible that the email account also gets hacked, but it will at least make it difficult to hack. Perhaps instead of email, an SMS could be sent to mobile phone registered by the user. That might make it virtually imposisble to hack.

I hope Mastercards and Visas of the world are doing something about it.

One thought on “Why not ?

  1. Pete

    I highly doubt that any CC co. out there is doing too much about it. They have insurance for theft and I assume they turn in the claim as a loss to them, so that the insurance just returns their money to the bank who owned the card in the first place.

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