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changing credit card security code hourly

Dabbler
Posts: 16
Registered: ‎25-04-2016

changing credit card security code hourly

I've been watching the news on tv this morning, some news about a new credit card with a constantly changing security code, may be coming sooner or may be later, what i'm wondering is, what of those people who use there card like with amazon or here with plus net who pay there monthly broadband or fibre connection bill, with a security code changing every hour it won't be able to take a payment automatically, i know it will combat credit card fraud yes, but it will make online payments very inconvenient i can imagine, unless plus net makes some sort of a system so the user needs to be prompted to enter the security code each month, there will be a lot of people getting cut off.

12 REPLIES 12
Seasoned Hero
Posts: 6,973
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Registered: ‎01-12-2010

Re: changing credit card security code hourly

PN has been promising a new payment system for years Embarrassed

i doubt this will make them work any faster

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Community Veteran
Posts: 20,550
Thanks: 3,005
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Registered: ‎06-11-2007

Re: changing credit card security code hourly

Cash or cheque?    long time since those words have been heard.... but they are most secure methods of payment !!! ..

Aspiring Hero
Posts: 2,849
Thanks: 849
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Registered: ‎21-09-2009

Re: changing credit card security code hourly

Cheques bounce, cashier cheques and cash can be forged all too easily. So not really secure.

Superuser
Superuser
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Registered: ‎10-04-2007

Re: changing credit card security code hourly


@darklight1 wrote:

................unless plus net makes some sort of a system so the user needs to be prompted to enter the security code each month, there will be a lot of people getting cut off.


 

At last an optimist. Grin  Plusnet have been forecasting an update of their billing system for more than 5 years. 

Aspiring Legend
Posts: 12,806
Thanks: 4,658
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Registered: ‎04-11-2014

Re: changing credit card security code hourly

"Cash or cheque?  long time since those words have been heard..."

Both were promissory though, credit card is the real deal machine even though it's invisible.... at least until the bailiffs turn up! 

Rarely if ever carry cash these days, offer a cheque and they'll assume you've wandered off from an old people's home.


Don't limit the friends you haven't met with arguments you'll never have.
Community Veteran
Posts: 7,143
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Registered: ‎23-09-2010

Re: changing credit card security code hourly


@MauriceC wrote:

At last an optimist. Grin  Plusnet have been forecasting an update of their billing system for more than 5 years. 


 

I'm surprised they haven't been fined, like a few other companies, considering the never ending stream of ex customers who still get billed and money taken from their accounts.

Rising Star
Posts: 266
Thanks: 33
Registered: ‎15-10-2016

Re: changing credit card security code hourly

Banks have been trying to do away with cheques for some years, because of the need for manual handlng. The are not that secure, they often slip through with no signature. My own bank refused to accept one I had written, because they said they didn't have a copy of my signature on file - they did, but simply had not realised.

Seasoned Hero
Posts: 5,526
Thanks: 1,885
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Registered: ‎24-02-2012

Re: changing credit card security code hourly


@darklight1 wrote:

I've been watching the news on tv this morning, some news about a new credit card with a constantly changing security code, may be coming sooner or may be later, what i'm wondering is, what of those people who use there card like with amazon or here with plus net who pay there monthly broadband or fibre connection bill, with a security code changing every hour it won't be able to take a payment automatically, i know it will combat credit card fraud yes, but it will make online payments very inconvenient i can imagine, unless plus net makes some sort of a system so the user needs to be prompted to enter the security code each month, there will be a lot of people getting cut off.


I don't suppose you have a link to this story? Just that I'd like to see how they propose it would work.

John
Anonymous
Not applicable

Re: changing credit card security code hourly

Community Veteran
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Registered: ‎21-03-2011

Re: changing credit card security code hourly

The technique has been around for ages. You carry a token (card) which has a "random" number generator with an accurate time clock built in.  A new number every 30 seconds or so.The central server, knowing your card id and the time can generate a number to match your unique  "random" number. Thus it verifies the correct card is being used. There's normally a second password known only to the card holder, so to access the system you need to have both.

Now Zen, but a +Net residue.
Seasoned Hero
Posts: 5,526
Thanks: 1,885
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Registered: ‎24-02-2012

Re: changing credit card security code hourly

@Anonymous - thanks muchly - refreshed my mind that I had read that (or a very similar article) in the past.

John
Community Veteran
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Registered: ‎01-08-2007

Re: changing credit card security code hourly

It's basically the same rolling codes system that is used in most car remotes but adapted for use in the financial services.

And we all know that the rolling codes system can be cracked don't we.

I need a new signature... i'm bored of the old one!