Paypal one of the internet's largest transaction hub has launched a new service; instant disposable credit card numbers for each online transaction. I have been waiting for this technology for sometime now. They are already some services offering disposable cards, but none like the scale and efficiency of the PayPal system. All you have to do is download their tool bar (called PayPal Plug-In) which works with both IE and Firefox (limited Safari support), and whenever you reach a site that asks for credit card information it automatically generates a new credit card number for that particular transaction, and in many cases can automatically fill in the required fields.
I stress out day and night about my financial information being stolen, or even worse my identity. I already use a number of services such as the Equifax credit monitoring, and identity-theft insurance from Amex, for some basic protection. Some of the best niche segment websites (mom and pop shops in particular) offer little or not convincing enough security for my credit card information. SSL certificates are a dime and dozen these days, and payment processors and gateways are easily hacked. More often than not, stores keep credit card information which can be stolen from their databases or account packages rather easily. This new system is definitely the right way forward.
Now if only they could offer something for the physical word...it would be quite amazing if I could print out new card number when going out to restaurants...Seriously, just think of the number of times you hand out your credit card to complete strangers so that they can make a copy...
Wednesday, November 21, 2007
Safe Payments Online - Paypal's New Service
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