Abstract: This chapter discusses security of credit-card. The cards that used to be called BankAmericard, Chargex, Sumitomo, Barkleys, are all called VISA. All of them were licenses of the California-based Bank of America that introduced the bank credit-card concept in 1966. Their east coast rival, originally called Master Charge, is now known as MasterCard. Both cards now carry laser-produced holographic (three-dimensional) images that make the cards difficult to counterfeit. VISA cards bear a picture of an eagle in flight. Both VISA and MasterCard have tested the so-called smart card with its embedded computer chip that can carry its owner's account information and unique security codes. The need to handle both credit and debit card transactions for customers at a distance from their banks has created a new banking service. There are telecommunications networks such as Cirrus, Plus and Interac that accomplish transactions. Originally, there was a ceiling put on these transactions to put a cap on loss from fraudulent transactions, and the network acted like a clearing house; transactions were batched and forwarded for processing. Electronically posted hot card lists were another loss-control measure. Today with vastly improved digital communications networks and computers that can update customer accounts in real time, many of these long-distance transactions require an intermediary service only for electronic switching.
Publication Year: 1991
Publication Date: 1991-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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