Replacing All Your Credit Cards With A Card Writing Device
from the vault-me dept
Wired is running an article about a new sort of device that is being designed to replace all your credit cards. It’s a fascinating idea. It’s a small device (the “Pocket Vault”), that comes with its own card (the “Chameleon Card”) stored inside. When you first get it, you stick each of your credit cards, bank cards, debit cards, whatever cards, into the device, and it records the info on the magnetic stripe. Then, all you need to carry around is the device (with its own card inside). When it’s time to use a card, you pull out the device, pick the card you want to use, and it spits out its own card with all the info on the magnetic stripe, and with a display showing the credit card number, expiration date and logo. It also includes some interesting security features. It has fingerprint recognition before you can remove the card, and if the card is out, the display fades after 10 minutes, making it useless. They claim that it will also work with RFID based systems, like the ExxonMobil SpeedPass, but don’t explain how it records that info. It might also run into problems with smart cards, since it won’t be able to record the info off of a chip. There are some other concerns as well. This seems like the ideal way for someone to steal credit cards if they can access your card for a bit. There are already stories of waiters in restaurants who take your credit card and run it through a skimmer to get the number. If they just use this instead, they get an automatic replica of your card. Also, you have to wonder if various clerks will freak out the first time they see this and wonder if it’s legitimate. Finally, carrying around a device doesn’t seem to save much space, since the device itself is probably bigger than the credit cards its replacing, and it won’t fit in your wallet. Sure, the gadget geek side of me thinks this is a cool idea, but is it worth $200 to have to carry around another gadget (that also slows down the purchasing process…)? It might be a tough sell.
Comments on “Replacing All Your Credit Cards With A Card Writing Device”
Too many " devices " ...
I think I would rather just have purchasing integrated with a cell phone.
The geek side of me likes this concept as well Mike, but I tend to agree with you about not wanting another device to haul around that basically does little lore that the original credit card does …
Clerks & cards
Most clerks won’t blink at anything odd about your card. I used to know a fellow who carried a copy of his debit card around (as in, a mag stripe copy. He had legitimate access to mag card readers and blanks).
The copy he made was on a red piece of plastic with no other markings. Three quarters of the time the clerks just run it and go. The other quarter of the time he just says ‘it’s for security reasons’ and they go on. So I don’t think this will have any problems in usage.
Of course, I’ll never buy one. I just fail to see the point.
Re: Clerks & cards
Most clerks won’t look at the card at all.
True story, case in point:
The week before my friend’s wedding, my friend and I were dispatched by his wife to be to buy several items for the wedding (miscellaneous stuff) requiring a day of shopping.
She gave us her credit card, my friend being authorized to use it (nothing said on the card, but if a clerk called it in, as they should, he would get authorization).
He bet me 20 bucks no one would notice.
We shopped all day in several stores, and no one noticed:
1 – despite the obviously female name, the card was used by a male
2 – Not only was the signature VERY different than the back of the card, it wasn’t even the same NAME.
Mike, you have an extraneous “The” in “Replacing All Your Credit Cards With -THE- A Card Writing Device”
Re: Story Title
Oops. Thanks. Fixed.
No Subject Given
If you promise to pre-pay they say they will give you one for half off–i.e. about $90. I don’t know; I think it’s a cool idea, but it would be nice if it could do a bit more, for instance automatically track your purchases and then upload that data to Quicken, etc.
No Subject Given
The opportunity for fraud is astronomical! And forget about the places that need an imprint, yes they still exist.