A credit/debit card reader for the home ??

Hi;

Just had a thought!  But it has probably been thought before.

I was about to buy a magazine article from Scientific American.  They
wanted $7.95 which I was willing to pay.  Of course when I clicked on
the appropriate screen button to purchase it, they wanted credit card
info.  I have used my Visa to purchase online before but I am always
very reluctant to do so.  In this case I cancelled my purchase.

What I think would work for me is having a personal card reader attached
to my computer.  If I wanted to make an online purchase, the
communication of account numbers and passwords would be directly between
me and my bank with only the purchase amount and name and some kind of
purchased item ID being transferred to the vendor by my bank.

Similarly, I could then use a 'cash' card.  A cash card would be a
swipe-able card to which I could transfer an amount from a bank account
from home using my home card reader, debit/credit card and the cash
card.  While I am out at a restaurant, bar, store etc., any vendor would
have access only to the amount of money registered on the cash card and
would deduct the amount spent from the cash card total.  If the cash
card were lost or stolen, only the remaining amount on the cash card,
plus the cash card passwords would be at risk.  I would have to keep
topping up the amount on the cash card, but I could do that safely from
home.

Of course, I don't understand all the security problems this might
introduce, but on the surface, it would make me feel as if I was in more
control of my money and transaction security.

I would really like to see any thoughts, criticisms or comments anyone
might have.

-- 
Regards Bill
Fedora 11, Gnome 2.26.3
Evo.2.26.3, Emacs 23.1.1

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