avoiding sending your Credit Card number

Every time you tell someone your credit card details to buy something they can
charge your account any time for all the money they want. They would probably
get caught but it's still a fundamentally flawed transaction process.

What we should have is calculator buttons on the credit card, you type in the amount
of money to pay, it displays a 10 digit credit transfer number (CTN), you tell them that
number (and your name) and the first person to issue that number to the bank gets the funds,
then it expires. The CC can display your available funds, disregarding other types of transfers.

Add a few buttons for daily, weekly, monthly and yearly recurring payments and you
get a different 10 digit number. Login to your internet banking and view all your
recurring payments. Too simple!

The mathematics: The CC chip has a secret ID number, this is concatinated to the dollar
amount and recurring payment type, e.g. 484756845-350-0 and this is encrypted into
the 10 digit code. You have 1 chance in a million of guessing a valid code, polling the
bank with random codes would have to lock you out. 12 - 16 digits would be near impossible
to guess a code. Public key encryption should work, the CC contains the product of 2
large primes and the bank holds the 2 prime numbers secret. A potential weakness could
be hijacking the CC ID number and the composite number and creating CTNs without the
CC, but you'd have to steal the card in the first place.

Swiping the card at checkouts would still be quicker, they could read the scanner into a database.

Herc
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"DavidW" <(E-Mail Removed)> wrote ...
> |-|erc wrote:
>> Every time you tell someone your credit card details to buy something
>> they can charge your account any time for all the money they want. They would
>> probably get caught but it's still a fundamentally flawed transaction process.
>>
>> What we should have is calculator buttons on the credit card, you
>> type in the amount of money to pay, it displays a 10 digit credit transfer
>> number (CTN),
>> you tell them that number (and your name) and the first person to issue that
>> number to
>> the bank gets the funds, then it expires. The CC can display your available
>> funds,
>> disregarding other types of transfers.
>> Add a few buttons for daily, weekly, monthly and yearly recurring
>> payments and you get a different 10 digit number. Login to your internet
>> banking and
>> view all your recurring payments. Too simple!
>>
>> The mathematics: The CC chip has a secret ID number, this is
>> concatinated to the dollar amount and recurring payment type, e.g.
>> 484756845-350-0 and this is
>> encrypted into the 10 digit code. You have 1 chance in a million of guessing
>> a
>> valid code, polling the bank with random codes would have to lock you out.
>> 12 - 16 digits
>> would be near impossible to guess a code. Public key encryption should work,
>> the CC contains
>> the product of 2 large primes and the bank holds the 2 prime numbers secret.
>> A
>> potential weakness could be hijacking the CC ID number and the composite
>> number and creating
>> CTNs without the CC, but you'd have to steal the card in the first place.
>>
>> Swiping the card at checkouts would still be quicker, they could read
>> the scanner into a database.
>
> In the absence of that, I should be able to specify a list of vendors that I
> will allow to debit my card. For infrequent payments I add the vendor to the
> list and then delete it afterwards, or I add it as a single-transaction vendor
> so it drops off automatically. This makes it harder to buy something on a whim,
> but I rarely do that and the safeguard should be optional anyway. I've
> considered calling in a lost card just to do a clean-out and get a new number.
>

Only problem with that is most people would have coles kmart etc. as vendors so
a thief would usually be able to use it anyway. And the CC companies would lose
millions from impulse buying.

Herc

"|-|erc" <(E-Mail Removed)> wrote in
> What we should have is calculator buttons on the credit card, you type in the amount
> of money to pay, it displays a 10 digit credit transfer number (CTN), you tell them that
> number (and your name) and the first person to issue that number to the bank gets the funds,


Also, vendors could have a 5 digit code. Say Walmart is 12345. You type in the 5 digit code,
then the $ amount, and any recurring payment button. Then only the vendor can access the funds
even if someone else gets hold of the CTN.

Herc

On Fri, 23 Oct 2009 03:11:24 GMT, "|-|erc" <(E-Mail Removed)> wrote:

>Every time you tell someone your credit card details to buy something they can
>charge your account any time for all the money they want. They would probably
>get caught but it's still a fundamentally flawed transaction process.
>
>What we should have is calculator buttons on the credit card, you type in the amount
>of money to pay, it displays a 10 digit credit transfer number (CTN), you tell them that
>number (and your name) and the first person to issue that number to the bank gets the funds,
>then it expires. The CC can display your available funds, disregarding other types of transfers.
>
>Add a few buttons for daily, weekly, monthly and yearly recurring payments and you
>get a different 10 digit number. Login to your internet banking and view all your
>recurring payments. Too simple!
>
>The mathematics: The CC chip has a secret ID number, this is concatinated to the dollar
>amount and recurring payment type, e.g. 484756845-350-0 and this is encrypted into
>the 10 digit code. You have 1 chance in a million of guessing a valid code, polling the
>bank with random codes would have to lock you out. 12 - 16 digits would be near impossible
>to guess a code. Public key encryption should work, the CC contains the product of 2
>large primes and the bank holds the 2 prime numbers secret. A potential weakness could
>be hijacking the CC ID number and the composite number and creating CTNs without the
>CC, but you'd have to steal the card in the first place.
>
>Swiping the card at checkouts would still be quicker, they could read the scanner into a database.
>
>Herc

For Chrissake just get online and use PayPal already.

Dave wrote:
> On Fri, 23 Oct 2009 03:11:24 GMT, "|-|erc" <(E-Mail Removed)> wrote:
>
>> Every time you tell someone your credit card details to buy something they can
>> charge your account any time for all the money they want. They would probably
>> get caught but it's still a fundamentally flawed transaction process.
>>
>> What we should have is calculator buttons on the credit card, you type in the amount
>> of money to pay, it displays a 10 digit credit transfer number (CTN), you tell them that
>> number (and your name) and the first person to issue that number to the bank gets the funds,
>> then it expires. The CC can display your available funds, disregarding other types of transfers.
>>
>> Add a few buttons for daily, weekly, monthly and yearly recurring payments and you
>> get a different 10 digit number. Login to your internet banking and view all your
>> recurring payments. Too simple!
>>
>> The mathematics: The CC chip has a secret ID number, this is concatinated to the dollar
>> amount and recurring payment type, e.g. 484756845-350-0 and this is encrypted into
>> the 10 digit code. You have 1 chance in a million of guessing a valid code, polling the
>> bank with random codes would have to lock you out. 12 - 16 digits would be near impossible
>> to guess a code. Public key encryption should work, the CC contains the product of 2
>> large primes and the bank holds the 2 prime numbers secret. A potential weakness could
>> be hijacking the CC ID number and the composite number and creating CTNs without the
>> CC, but you'd have to steal the card in the first place.
>>
>> Swiping the card at checkouts would still be quicker, they could read the scanner into a database.
>>
>> Herc
>
> For Chrissake just get online and use PayPal already.

Why is one credit arrangement any better than any other?

All of them depend on trusting a whole bunch of people. I'll
bet you would have trusted Bernie Madoff.