Monday, June 22, 2009

Kind attention

Kind attention to Credit Card holders and vendors at Malls and Shops

Dear friends

During the course of my daily job I get different complaints from many persons that their lost credit card, which they discovered after receiving the monthly statement, had been misused by some unknown person and that person purchased many costly goods or electronic machines from some shops, which they had learnt from their monthly statement, and thereafter when they go to that shop or mall cash counter the concerned person replies to them that they can’t remember that person who purchased that particular material from there. In this situation the legal Card holder had to bear the entire liability of those transactions as he/she did not report about loss of card in due time and this is his legal liability.

So in this situation its our request to the vendors in the malls and shops to use camera at the place of swiping of credit cards in such a place that all the purchasers snaps are taken and produce to Police authority as and when required and for this we think a legal order must be passed by each country for compelling the vendor to do so. This should be done for the sake of society. And if this system is followed compulsorily by law we think this type of fraud and crime will be stopped and all the banks with ATM counters are also requested to think on this subject for protecting their customers from misuse of their ATM cards and Credit Cards of different banks.

We badly need your comments in this field friend.


Urproblemmysolution team

1 comment:

Sitanshu said...

Dear Sujit,

I wanted to let your valuable readers get privy to some information that may help them to reduce "Credit card fraud where their credit cards are used for retail shopping".

In early Year 2000 American Express came out with a program called "Private Programs for Shopping", and later Citi Bank introduced the concept of "Disposable Credits Cards". In both these instances the "Credit Card Holder" is presented with a small "Software" that uses a "Random Number Generation Algorithm". This Software is available to the user (credit card holder) on a USB device that uses RSA encryption. Just before shopping the card holder inserts the device into her/his Computer or Mobile Device, and is asked to type in a password which is unique each time the device is used. The Device accepts the "Password", and then requests the card holder to input their "Credit Card Number, expiration date, and CVV number". When the card holder does that she/he is presented a randomly generated NEW CREDIT CARD NUMBER with the same expiration date and different CVV number. This new Credit Card Number is a "Virtual Number" that is valid only for this "Purchase or Transaction". It will be useless after this transaction.

The Card holder then proceeds to the Merchant Site and makes her/his purchases online using this "New Virtual Credit Card Number". The Bank (American Express or Citi) allows this card to go through. They can link this new "Virtual Card Number" to the original card. After this purchase is done, this "New Virtual Card Number" is made "Invalid - i.e, it cannot be used again".

This is a unique way to solve "Credit Card Fraud for Online Shoppers". Even if the "New Virtual Card Number is Stolen" it cannot be used.

I have in fact used this mechanism for "online Purchases in the USA". Works very effectively.

In fact I wrote a "Whitepaper" where I suggested combining this technique with RFID as a "Secure Retail Solution" for Indian Shoppers. The RFID chip will contain Card Holder Biometrics together wih the "Credit Card Virtualization Software". Users (Card Holders) will never lose any sleep doing "Online Shopping".

Warm Regards
PS: Love your Blog and will keep posting more ideas in the future..