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     | Friday, March 17, 2000 - 03:59 pm  http://www.zdnet.com/zdnn/stories/news/0,4586,2469820,00.html Interesting release on credit card fraud that happened on the web.
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| | Monday, March 20, 2000 - 06:51 am I wonder if the WEB will FORCE a change to the Credit Card system as we know it. I remember the "old days" when you pulled out the credit card at the cash register, the merchant would compare your signature with the signature on the back of the card. He would then have to call an 800 number, be on hold for a few mintes, tell the operator your credit card #, his merchant #, the amount of the charge, then the operator would tell him the authorization number. The whole thing took between 5 and 10 minutes. Most merchants just came up with a policy of "not calling any charge less than a specific amount (such as $ 25.00 or $ 50.00). Then came the computer terminals which approved in 10 seconds, so everything got an authorization. Now the web let's you input your cc# and your expiration date (I have seen a few ask for the zip code that your statements are mailed to for an extra layer of verification). What will the current Credit Card system evlove into? Retina scans? The Web may have to evolve into a "proxy" type system where you get a web "charge card" similar to a phone card (or smart card) where you "add" to the card via a traditional charge in front of a real-life merchant, then use the "web card" on the web.
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| | Monday, March 20, 2000 - 05:10 pm Nah, if anything you'll have a pin number you'll have to put in to charge on your card over the internet like ATM cards do now.
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| | Tuesday, March 21, 2000 - 03:02 am Chances are they'd implement a technical solution before using 'pin numbers'. Perhaps a certificate issued by some 'Master' CA (you may be familiar with them - used for signing/encrypting email and object signing). Then you could use something like a Java ring (can contain, among other things, a certificate) to use when using the card in person. Much harder (and near impossible, depending upon the algorithm used) to crack a certificate than obtain someone's pin number.
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