2 Step Credit Cards
By
Staten Island, NY Posted: 1/17/2015 1:00:00 AM
You're on your way back from Walmart. You dropped your credit card. That's okay. Nobody can use it but you.
Two Step Credit Cards could eliminate almost all fraudulent credit card transactions. Really.
The key to protecting credit cards from fraudulent transactions is to somehow guarantee that the card owner is the only person who can use the card. So how can we do that, especially now that many stores don't even require a signature for small transactions?
One way us to use 2 Step Credit Cards, which are cards that are linked to a cell phone or some other wireless device. Once the card is registered, every time you make a purchase, it sends an alert to your device asking for approval. Assuming you link it to a cell phone, which is always with you, you simply approve the transaction. If you don't, it's rejected.
Using such a system, anyone using a fraudulent card would not be able to complete the transaction because unless they steal your mobile phone too, they won't be able to approve the transaction.
As an added bonus, by using such a system, you would know if and when your card was stolen, and even know where the thief is at that very moment, so the thief could be detained for questioning.
Joe Crescenzi, Founder
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