I’ve heard several methods that could potentially beat the criminals that cracked Target’s security and stole as many as 40 million bank customer’s information.
This is the best idea I’ve seen:
@seansposito Sean, using diff PAN on the front of the card vs on the Chip to address fraud - I hear Amex does so for its contactless card.—
Cherian Abraham (@cherian_abraham) December 30, 2013
The system would give issuers the chance to separate out card present and card not present (online) transactions and give a heads up to any bank whose at-the-counter PAN was used to make a digital purchase — or vice versa.
No need for EMV. No added layer of security. Just different information on the mag stripe than at the front of the card.