Tips for a Fun Life…we know all =)

So it seems that VeriSign and Innovative Card Technologies have announced a new technology to protect us from Identity Theft while shopping online. This technology will make it easier for financial institutions and retailers to issue and accept card payments. The card itself has an embedded LED which displays a one-time password (OTP) authentication. At the push of a button on the back of the card, an integrated display shows a password that changes with every transaction. During an online transaction, this number is entered into a user interface with other information (such as the user’s static PIN and login name) for multi-factor authentication.

So this technology seems like your own credit cards, but with the attachment of a thin Citrix-like token based security system.

So first off, this is a form of two factor authentication, aka 2FA. 2FA requires the user to identify themselves using 1) something they know and 2) something they have. Something you know would include passwords, PINs, user IDs, etc. Something you have may include a housekey, a credit card, a fingerprint, a retinal scanned image etc. In this case the something you have is included in the credit card a OTP.

A simple case of a 2FA would be a safety deposit box at a bank. In order for you to access your safety deposit box, you would first need to know the number. You would also need to sign in. Your signature would be checked to those signatures associated with your safety deposit box. Then you would need to use your key and potentially a number combination with the banker’s key to open the box. In this case, the knowledge of your safety deposit box and number combination is the things you know. Your signature and key to the safety deposit box is something you have.

Well back to the point. Hopefully the financial institutions will implement this technology soon. This will help protect all those online shoppers from e-fraud.

Reference:
SecureIDNews

Tags: Financial tips, credit card fraud, credit card fraud prevention, manage and safe guard your money, digital fraud, credit card protection tips, credit card technology, technology, digital technology, secure your ID, pretect your privacy information, digital protection

This entry was posted on Thursday, May 3rd, 2007 at 11:31 am and is filed under Hi-Tech Stuff. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.