Edwin T. Dueñas NU12 – Week 9 (Replacement)
NU12 Idea: New Credit Card Design Features
Typically, a person owns at least one credit card and usually the owner has more than a hundred of credit card transactions in a new year. For my perspective, the credit card is the most unsafe mode of payment both in retail store buying and online buying. In retail shops and restaurants, the credit card is very vulnerable for copying and cloning. Imagine all the details are there, the card holder name, card number, expiration and the CVV (security pin). Generally, if a person is involved in some sort of mafia that person can easily copy the details of the card or can clone it.
To give you an idea, in a Shell gas station there is an incident wherein the customer's card was cloned thru a very small apparatus that can be hidden within the palm of the gas boy. The gas boy was later on identified as one of the members of a big mafia. Understandably, the credit card transaction consumes a longer amount of time compared to a regular transaction; therefore the customer has no idea that his card was already cloned. After a month, he saw his credit card bill ballooned to hundreds of thousands and transactions were traced outside the Philippines. For online purchases the database, accounts and computers can be hacked easily if the user is not vigilant or knowledgeable. Therefore, the problem is really evident and credit card companies do not do enough to counter this threat.
Below is the list of changes for credit card designs, features and verification:
1.) The new design will feature only the initials of the owner- There should be no complete name in the card. This is very important because it is very easy for wrong doers to copy the name of the credit card owner and use this for online purchases. In this way, it will be very hard for wrong doers to use the card.
2.) The new design will only include the first 4 numbers and the last 4 numbers of the credit card. – This is one of the most vital changes to be done because this is very important for hackers and wrong doers. An error in card number will not push any transaction. The rationality in this is that an owner does not need their complete credit card numbers to be displayed.
3.) CVV (Security Pin) is removed from the card- Just like pin numbers in ATMs, owners should memorize the pin numbers or security pin. They do not need to parade this information for all establishments especially now that the present design is that the CVV is very near the signature and merchants always look at this part of the card. It is very easy for them to memorize the CVV, same as the card number.
4.) Every credit card should have a photo with security marks - Just like in passports and visas, a photo should be attached in the card with security marks. The logic is the same were merchants requests IDs for verification.
5.) Every credit card will have a QR Code – For those who are not familiar, QR codes is just like a barcode that when scanned information is generated. If necessary, the authorize person in a shop can verify the information of the card thru the QR code. Limited information can be access thru this.
6.) Verification of payments will be via biometrics- The signature of a person can be easily copied and some merchants do not even check the signature of the credit card holder. I proposed that fingerprint or eye scanning or face recognition (via webcam) should be done for verification purposes. This will be implemented for both online and store purchases. The signature will still be required.
Over-all credit card companies may feel that this changes could incur additional cost and will require a relative amount of time but this business is very lucrative and its is only fitting to protect their customers. I suggest that other companies start this new design and market it as a more secured credit card. Companies can add additional annual payments for this type of card. If we are talking of hundreds of thousands, it is only suitable to protect the owners of the credit card.4
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