The new Chase card contains a microchip that speeds card transactions by eliminating the need to "swipe" the card through an electronic reader at the checkout. Also, no signature or PIN is required.Of course, in the article Chase asserts that the new system is secure and encrypted, but I'm not sure how I feel about a credit card that beams its information wirelessly from place to place, no matter how encrypted it is. Unless a new system can demonstrate increased security and new features to protect me against identity theft, I don't think I'd bother with it.
Cardholders enjoy the added convenience and stores sell more products, says the bank-card giant, which has introduced the card in Orlando and six other U.S. markets.
But consumer advocates say the convenience of the Chase "blink" card -- named for the speed with which purchases are processed and approved -- comes at a steep price: greater risk of fraud.
Wednesday, February 01, 2006
Have you seen Chase's new RFID subsitute for credit cards yet? The concept isn't new -- Mobil has been doing essentially the same thing with their SpeedPass system for years now -- but the implications may be:
Posted by Bill Gerba at 8:17 AM