Electronic Money

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Electronic Money

How many notes or coins do you currently have in your wallet or in your pocket? Really, take a look right now.

Some younger folks may even ask, “What is a note?” Fair enough.

Nowadays, we are using electronic money more and more, we have credit cards, debit cards, travel cards, and any sort of cards which allow us to pay electronically: like a simple money transfer.

I’ve discussed continuous growth in credit card frauds. Why? because bad guys don’t need to reach your pocket or even your wallet to steal your money.

This creates an increase in the attacks to these types of payments, Zwipe, a biometric technology company based in Norway, has started working on a T-shaped sensor for its latest generation biometric cards.

 

What is a T-shaped sensor?

If this sounds too techy, I will try to explain in simple terms: Today, you have a credit card which you can use to tap and make a purchase up to $100. If you want to exceed that amount, you need to enter a PIN in order to identify yourself.

If somebody has access to your card, or even a clone of your card, and your PIN they can get money from your account.

Now, suppose that your card has a fingerprint sensor, then when you tap your card you put your thumb on the sensor. Then the system will read your card, detect your fingerprint and authorize the transaction. Clever, isn’t it? Now you won’t have to remember a PIN, and the bad guys will find it harder to replicate your fingerprint and get money from you.

Well, that is in simple terms the new cards being developed for this company, which plan to take to the market in the future.

Even with these new security measures, you can bet there will be more to come in this area as the bad guys are getting clever and clever by day.

Do you have any sort of electronic payment cards? How do you protect them?

And as always, be safe out there and until the next Malware Monday.