Re: A credit/debit card reader for the home ??

Hi;

On Wed, 2009-09-23 at 11:42 -0400, Brad Barnett wrote:
> 
> 
> Security is indeed the problem.
> 
> However, this is a method that is workable, for now.
> 
> I know that several supermarkets in the area sell Visa cards with $100
> pre-loaded onto them.  As far as I know, you can also top these cards
> up, or add additional currency to them.
> 
> So, you are at least protected to a certain extent, this way...
> 
> 

Yes.  And, buying pre-loaded Visa cards would make it safer on the
Internet.  However, my suggestion was in search of security and
*convenience*.  I could just as easily open a new account at a Bank I
don't now use and make email transfers up to $1,000.  Places like Tim
Horton's have rudimentary cash cards that record a cash balance, paid in
cash, which tabulates a running balance until reaching $0, that you then
use at Tim's.

I can currently purchase online, do my banking online, email inter-bank
amounts.  ATM machines allow me to do almost all of the common financial
transactions I might want.

It seems to me, all the bits and pieces including security are already
available to make my suggestion work.  All you need is a home card
reader.  Keeping such a thing off the market won't prevent the crooks
from reading stolen cards.  They can do that already.

None of the existing safety checks have to be removed.  It just means
that the identity and transaction signals are coming from an
identifiable source other than an ATM.

The user would have the security of knowing that they are carrying
around and using a card and an identity they can 'afford' to lose, while
credit and debit cards can be kept in a much safer place until needed.

By using a 'cash' card and credit/debit card in conjunction with each
other a thief has to get hold of both.  By just keeping the cards
separately, say, the 'cash card' in a wallet and your credit and debit
cards in a purse, at home, with a spouse etc. etc. theft of banking info
becomes much harder.

> 
> On Wed, 23 Sep 2009 11:00:44 -0400
> William Case <[email protected]> wrote:
> 
> > 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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