Dr. Drang writes about being a credit card fraud victim.
As I said, this will be our fifth card in the past twelve months. We
started 2014 with a card we’d had for a couple of years, but it was
replaced in early February after the Target breach. Sometime in
spring, the bank caught a fraudulent charge at a Kmart in Chicago, so
our 3–4 month old card was cancelled and a new one issued. That one
lasted all the way to October, when it was cancelled because of the
Home Depot breach. And now this.
I have been lucky, I haven’t been a credit card fraud victim in any
sense, yet. My thoughts about credit cards are going back many years.
And I remember that I thought the whole system was broken, even back
when I started using my VISA debit card to buy stuff online in 2006.
We need some kind of abstraction between the card itself, and each use.
This is something NFC based payment offer to some extent. I would love
for the technology to offer a time limited key-pair each time I pay at a
store, or anywhere else I pay once. This should be a “use once”
key-pair, linked the the amount. There should also be similar schemes
The reason I think this is better is simple: bad guys and girls won’t
get access to my credit card information when someone have a security
There is a huge difference between how it works here in Norway, and the
US. We have had chip and pin for as long as I have used VISA cards. And
we used pin+magnet before that. The thing I think is the biggest reason
I haven’t been a fraud victim yet, is that we have another security
layer on top of the regular credit card system. I need to enter a one
time code, from my bank for every transaction over a limit.
A lot of things need to be done, to fix this. And I think it will
require major infrastructure change. But a lot of minor things that
don’t require it, could be done. We need good laws that force banks to