Smart Credit Card

Have you ever been a victim of identity theft? Many credit card holders have. Maybe you lost your wallet or left it somewhere, and someone picked it up. Before you realize that it is missing and cancel the card, the thief went on a shopping spree and now you are in big trouble. Although most cases of credit card theft occur electronically, it is still smart to ensure yourself that only you can buy things with your card.

The invention that allows secure credit card transactions is a new programmable credit card. The company, Dynamics Inc., created two cards. They are called “MultiAccount” and “Hidden.” MultiAccount is basically two cards in one. There are two card numbers on it. One can be your credit card and the other your debit card. You push a button next to the card account that you want to use and a small light indicated which account is active.

The more fraud preventing card is the “Hidden” card. This card, when not turned on, hides six of the numbers on the card. To turn on the card, the user must enter the correct code using the five letters (A-E). When the correct code is entered, the missing digits are revealed. The magnetic strip is activated and it is ready to use. After a short amount of time, the six digits disappear again for security. If you were to lose the card or if your wallet was stolen, the thief would not be able to do anything with your card. Your money will be completely safe and you wont have to worry about canceling all of the things that the thief bought. All he will have is a piece of plastic.

Both cards are the same size and shape as your regular credit card and can fit right into your wallet. They are actually slightly more flexible then you regular credit card. The cards are powered by lithium-polymer batteries and under high usage they can last up to four years. And just in case you drop your wallet into a puddle or it is in your jeans in the washer machine, the card will be fine because it is waterproof. Since the cards use the magnetic strip, there is no need to replace the card readers that are in most stores today.

Dynamics Inc. is trying to get their products into banks but it will be hard to convince them to adopt this new product. The cards are a lot more expensive to produce than our regular plastic cards but I think that, with the extra cost, it is still worth it. With cost aside, I think that many credit card holders will want this product. They will feel more secure and less susceptible to identity theft. If my card was stolen, I would feel safer knowing that my bank accounts are safe and that the thief has a blank, useless card. These cards could become standard at banks just like ATM’s. I think that the first bank to adopt these cards will have an advantage over the other banks.

Link to article: http://www.technologyreview.com/printer_friendly_article.aspx?id=26303&channel=computing&section=