Re:'Shimmers' are the newest tool for stealing credit card info
by nine_k on Saturday January 28, 2017 @02:59PM
(#13508695)
Banks are also in a business of storing your money, transferring your money, and borrowing you money. Note that "storing" here is actually "letting the bank invest the money". I don't think any of these activities are undermined by completely verifiable purchase transactions.
Re:'Shimmers' are the newest tool for stealing credit card info
by lostlogin on Saturday January 28, 2017 @04:04PM
(#13509309)
Can you explain what you mean by "unmodifiable"? I have a limit, but on the banks app and website I can lower it (and I keep it very low) in the hope that any issues I have would be limited by this. Is this not actually worth doing?
Funny as it may be my debit card for some reason has a $500 (unmodifiable) limit on chip&pin purchases, but it has no such limit for swipe purchases. When I asked them how is that more secure, I got a verbal shoulder shrug.
Banks are in the business of underwriting. I believe at least on the corporate level they probably don't like the idea of fully secure, verifiable payments, because that would mean you don't need them anymore.