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Think about your own statement for a moment and you can discover the real answer:
Debit cards are Credit cards without the credit part; you just use whatever you need and pay instantly.
Credit cards are required to get a credit rating, gets discounts everywhere...
Seems like there is a huge amount of effort put into keeping the dead horse alive.
Think about it for a moment, and think whether keeping things safe is part of the bank's job.
For example in my bank, to access e-banking, I have to have : a login, a password AND a card reader.
After I have entered my login and password, the e-banking website display a number. I have to put my bank card in the card reader, type in the number given by the website and then the PIN associated with my card. The card reader will then display another number that I have to enter.
So unless somebody manages to steal my login, my password, my card and my PIN, I'm safe.
Really, if my bank can do it for e-banking, Visa and Mastercard should be able to do it.
There's always going to be a tradeoff between security and convenience. For example, with your system you could no longer just hand a credit card to the waiter after eating in a restaurant - you'd have to get up, go to the cashier, wait in line, type in your password, etc. And just imagine how many people would forget their passwords and be unable to pay. New technology might allow them to come around to your table with a mobile card reader, but that would take a while to become widespread.
Hello there; this is exactly how credit/debit cards work in France, the country were the smart card was invented. We even have mobile terminals everywhere that the waiter brings to you to read your card and enter your code. And nobody forgets his code, as we type it all the time. That or we are just naturally smart.
I'm always unsettled overseas when my card has just its magnetic band swiped and I just have to sign, and nobody really check the signature -which is easy to counterfeit, as it is already drawn on the back of the card. This is &*$#! dumb.
"Chip and pin" is the marketing name for this in the UK. Where the waiter would come over with a card reader and passes it to you to insert card, enter pin and process payment. The vast majority of people have become use to this.
Internet purchases are getting a little more secured. There is "Verified By Visa" and "MasterCard SecureCode" where you set up a password that is used when making payments online. However not all shops implement this (for example amazon).
Both systems have their faults but in this case its not the issue.
Sony failed to secure their system.
The primary account number (PAN) should be encrypted or hashed to prevent it from being leaked if it must be stored.





Member since:
2010-06-24
I still do not understand how a mean of payment as unsecure as a credit card can be so widespread. Maybe it's time the banks figure out a mean to pay that requires something more than just what is written on the damn card.
For example in my bank, to access e-banking, I have to have : a login, a password AND a card reader.
After I have entered my login and password, the e-banking website display a number. I have to put my bank card in the card reader, type in the number given by the website and then the PIN associated with my card. The card reader will then display another number that I have to enter.
So unless somebody manages to steal my login, my password, my card and my PIN, I'm safe.
Really, if my bank can do it for e-banking, Visa and Mastercard should be able to do it.