http://tomorrowstransactions.com/2007/06/automat/ Thought leadership from Consult Hyperion Tue, 09 Sep 2014 00:19:19 +0000 hourly 1 http://wordpress.org/?v=4.0 http://tomorrowstransactions.com/2007/06/automat/#comment-2060 Wed, 20 Jun 2007 18:35:37 +0000 http://ec2-54-201-142-57.us-west-2.compute.amazonaws.com/2007/06/automat/#comment-2060 ID KEY which will have Card Key Code matching individual card or cards will reduce card fraud to virtually ZERO at retail outlets and ATMs because fraudsters will not be able to obtain this invisible and changing to new value after every transaction code required for activating transaction.
Why would fraudsters get tempted to use stolen or skimmed cards when they know that unless they have the right ID KEY they will not have option to enter PIN number to conclude transaction? This system will eliminate the need for us to use CHIP on cards and even protect our PIN numbers.
In addition image and name retained on ID KEY will activate photo printer at any transaction point in the world to print ID sticker (small sticker with image and name printed on it) which can be used on any document to personalise signature. Current signature system is like passports without photos and that is why it is so difficult to deter and prosecute fraudsters. This system will deter identity fraud because in the event of crime fraudster’s identity will get exposed on the document in question. Fraudsters can misuse victim’s personal details but not their appearance (true identity or visible biometric).
Details on this honesty restoring system which the banks have been ignoring to exploit since 1994 are on website http://www.xwave.co.uk

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