New Types Of Credit Cards Aim To Block Thieves
DENVER (CBS4) – The Target security breach, and others just like it, sent people scrambling for new credit cards after they found theirs were used fraudulently.
Stuart Fuller is all too familiar with this kid of fraud. He has been a victim of data breach more than once, and now he is fed up.
“This has got to stop,” said Fuller. “There’s got to be a better way.”
Fuller isn’t alone. New startup companies are now trying to address the frustrations with security that many consumers face as well.
The Boston-based company “Abine” is among those leading the charge.
“Our service is called Do Not Track Me,” explained Abine co-founder, Rob Shavell.
“It works by giving you unlimited email addresses, credit card numbers, and personal mobile phone numbers.”
The company offers consumers one-time use data on your mobile phone that links to your checking account. After you use the one-time card number, it becomes invalid.
Abine isn’t the only pioneer in the business.
Dynamics Inc. in Pennsylvania is working on a credit card with buttons that allow a consumer to change their credit card number after you use it.
The card would require consumers to enter a code in their card to use it so that all their transactions are safe.
University of Denver professor Andrew Urbaczewski agrees with the actions being done for credit card security, but for hackers, a new system means a new challenge.
“If you’re going to use some type of electronic transmission, there is always going to be some kind of case where you can have your identity stolen,” explained Urbaczewki.
As a business professor who often teaches probability, Urbaczewski now goes by his own system to reduce his chances of being hacked.
“I have no credit cards personally,” said Urbaczewki. “I don’t find a need for them; I’m not exposed to risks and security threats when there is an issue.”
Urbaczewski has only used cash for the last 9 years, but for many people, credit cards are a convenience that is hard to give up.
International Privacy expert Trevor Hughes says that companies have to protect their customers.
“We will have better security systems,” Hughes said. “We have to.”
In Europe, credit cards with chips are becoming more prevalent.
They make it harder, but not impossible, for thieves to steal information.
Ultimately, Urbaczewski suggests that the only cyber safe transaction is with cash.
-written for cbsdenver.com by Conor McCue