We recently published a note about thieves stalking automated teller machines to steal where we highlight how easy it is to fall into their networks and, consequently, lose money. The reason? The rudimentary system that ATMs have, dating back to 1970. And the data stored on the magnetic tape are written as "flat texts", so the famous PIN (the famous security code that protects the account) is very easy to steal.
Future of Credit Cards Protection
Needless to say, the banking sector, which today loses significant sums of money to skimming, makes its greatest efforts to implement the best technology that protects users.
To date, the most advanced technology in these proceedings is EMV, ie chip cards. Due to their popularity in Europe and Canada, these countries experienced a decline in the number of scams. Thieves who use skimmers traveled to North American and Asian territory where EMV cards are, in today's sun, widely used.
As advanced as EMV card technologies may seem, it is not ideal, as it can not combat 100% of potential threats (skimming techniques are constantly evolving). So it is likely that we will use other types of cards in the future. What would those cards look like? Let's have a look.
Key and answer
The most obvious solution is to incorporate another level of security, such as the two-factor authentication used on the Internet (and with good results). When paying online, the cardholder must place not only the security code CVV2 on the back of the card but also a password generated at random or by a token device, which is printed by ATM or is sent to a mobile phone via an SMS. This technique can be used in offline transactions with large sums of money.
Integrated screen banking cards employ a similar authentication method. Such is the case of common credit cards equipped with a mini-computer, an LCD screen, and a digital keyboard. In addition to generating unique passwords, they are able to display balance sheets and transaction history, among other aspects.
While the first interactive cards have been in the market for more than five years, only some banks in Europe, USA and Asia offer them to their customers.
Card on demand
Dynamics, an American company, offers an even more exotic solution. Their cards do not have a stable magnetic stripe in the sense of the word. This is made up dynamically and on demand thanks to the hardware that has built-in, that is, from the generation of a password through an integrated keyboard.
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In case the password is not entered, the magnetic stripe is not generated and, in addition, the operation is not performed. This kind of cards lack the 16 numbers that usually have the conventional ones; a part of the numerical sequence is not present in the plastic, but rather on the screen after the user has entered the password.
Can I have your finger?
A password can, in effect, be a powerful way to protect your card; however it is easy for an absent-minded person not to keep it a secret. We all know of stories about "wise" people who like to write a PIN for every card they have and then lose it.
Authentication based on biometrics is a radical solution to this problem. Zwipe, a Norwegian-based company associated with Mastercard, is currently testing credit cards with an integrated fingerprint scanner. All you need to approve a transaction is by placing your finger on the contact plate and ... well, goodbye, PIN!
Quantum technology to the rescue
Computers with quantum technology are still a long way from us, despite decades of research. But there is a positive side: some of its characteristics will serve to create identifiers that preclude counterfeiting.
Dutch researchers at the University of Twente and the University of Technology in Eindhoven plan to use quantum on credit cards and personal identifiers. While it is currently under probation, it is named Quantum Security Authentication (QSA for its acronym in English).
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