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Credit Card Innovation

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I. Continuous innovation

This is a new concept of biometric credit cards, which will secure the credit cards from all types of fraudster as it aims to use unique physical features to get an access to a given account. This approach is opposed to the current credit cards where, the ever-present threat of uniqueness theft mounting annually is exhibited as noted by. The existing credit card companies are in a dilemma of creating cards that are up to date, with features that cannot be forged.  This has impelled the credit companies to employ a number of security features in the cards that they issue. Some companies also and offer alternative add-on security services to offer an additional intensity of security. This is all in tandem with attaining the obvious goal of any credit security of providing feasible safeguards. This will ensure personal information is secured and lessen the damage to ones credit if the card falls into hands of criminals.

II. Innovation concept

The use of temporally purchase card is one of the innovative features that, uses the alternate credit card number which, is attached to ones credit card account as noted by. These numbers are only used once for purchases that are made online. They also have an advantage in that, by giving out the “fake” number, and by setting the specific limit on how much can be purchased using that particular number. This would help to protecting the card against identity theft risks from the services that may deem suspicious.

In addition, there are services such as the `Zero Liability Policies’. This is a crucial security feature which is mostly offered free of charge by most companies. Essentially, in case one discovers unauthorized purchases which have have been deducted in ones account, it is required that the card company reimburses the client the stolen money. This covered amount always varies from one company to the other. The claims would depend with limits of how many claims upon unauthorized expenditures that the cardholder may declare in a given time frame.

There is also `Temporary Purchase Number’ is usually used as a substitute feature. The temporary alternate purchase number issued is attached to ones credit card account. This numbers are usually used for a one-time purchase made online. By giving out the “fake” numbers, the genuine card information is this protected from potential theft risks if the service one purchases from seems to be suspicious. By using this number, it is possible for one to limit the amount of money that one intends to purchase with it a given item.

Photo Security

This is one of the most important features as far as card identification is concerned. The presence of one’s photo on the card helps a great deal to discourage others from using ones card at checkouts or in restaurants as noted by. By placing the photo on ones card, it definitely becomes an identification through which ones information can be accessed through. In addition, the `Identity Theft Insurance ‘may also be used. These are policies that have been put in place by the insurance companies which their main aim of protecting the cardholder from identity theft by covering for the amount stolen. They assist in lessening the cost linked with trying to determine credit affairs. The jurisdictions of this may entail; legal fees, lost wages and, telephone billing connected to declaration of one’s credit affairs. However, there are a number of limitations involved.

III. Company, products, markets

The named above features are among the security features that most card companies are trying to improve so as to tackle the existing crisis of identity theft. This will go in line with keeping all the cardholder protected from the ever increasing fraudster.

Biometrics in credit cards

The Credit card biometrics will be the conventional substitute to those that rely on sloppy signatures and tend to forget their passwords more often. This biometric technology will employ the use of one’s unique physical features such as fingerprints, facial image, and speech patterns to authenticate individual identities. This is a result of the increasing credit card fraud and the reducing technology costs. Other crime-combating tools such as; fingerprint and voice detection and electronic-signature confirmation that have been known to making progress a secure and suitable way for consumers to make cards purchases.

Biometrics has been known to be used in a number of ways which include; the ability to improve the customer’s shopping experiences, as well as security. This fingerprints and database software are also used as a form of law enforcement. A study has also indicated that 70% of the respondents will have confidence in banks and other government agencies to request them for biometric data for identity confirmation.  This figure is about 72% and 73% respectively for personal passwords and fingerprints as the primary ideal identification method.

It has been argued that, fingerprints and pen strokes connect a credit card to a cardholder. These biometric technologies will differ from one form to the other, some of them promising to revolutionize the method that people use in shopping or making credit card purchases. Another merit of this fingerprint technology is that, it will reduce the stress of one having to carry a wallet or a purse for the purpose of carrying the credit card. The leading feature today is the fingerprint- recognition technology. It will render a fast, reliable and precise means for effecting credit card purchases, by facilitating the retailer to verify that the customer is the certified user of the credit card with the press of the finger,

In the past years, there have been efforts to incorporate the biometric technology into the system, but this move has been hampered by various challenges. However, as the days go by, new group of players are cropping up, in support of biometric devices. For example, in Massachusetts, iCache has produced a mini storage device that is capable of keeping all of a consumer’s information. People, who are using these services, register their credit cards to an online account and enable the hand held device containing a fingerprint on its biometric strip. Moreover, a New York based manufacturers are offering a pint-sized biometric card that, is capable of storing personal information and also credit card numbers.

In using the current non biometric credit card, one has to go to the hustle of having to write his/her signature, for a verification of a signature there are a number of analysis steps that it has to go through, this steps includes; Stroke order,  pen pressure, shape, and  timing pressure on the pen and speed. This forms a unique form of biometric footprint that is exceptional to every person. It will also save the existing governments a lot of revenue which could otherwise had been used in signature verification. For instance, the research carried out by Frost and Sullivan reveals that, this signature verification revenue is expected to go up to $123.3 million this year.

The fraudsters of credit card will be incapacitated in talking their way into getting online retailers to send those products when the voice-detecting application is put in place. The technology in general involves prompting the person calling to repeat a password or a phrase over the phone. After this, the system will in turn compare and contrast against the prerecording of the callers voice recorded earlier on. As opposed to the electronic signatures and fingerprints, the voice detection installation equipments are cheaper to implement as noted by.

The reason as to why we carry our current credit cards is to hold the magnetic strip that interacts in key-in-lock method with the electronic point-of-sale (POS) terminals to activate the payment transaction. In the event that this terminals change, to accommodate the far more vigorous and safe world of Web-based applications, the credit card will be a thing of the past just as the typewriter.

IV. Company fit

The card issuing companies have now moved beyond the physical form factor, mobile payment and online purchases. The mobile phones have in built mechanism for retailers. A cell phones payments device pleases the consumers and makes a compelling business case for telecommunication companies looking for a piece of the electronic payment. This helps the users from carrying the credit card by simply keying in one’s personal information identification number on the keypad to validate you to the merchants.

Consequently, the actual forms that future credit payment will take may largely depend on how willing consumers react towards the technology. The phone companies are everyday trying to come up with ways in which to monetize their network. The outstanding factor that favors the mobile phone is that the money is carried in the phone in a more and secure manner with its capabilities are now becoming broader whereby, to access one account you only need a password and it done. The banks and merchants service providers and processors are pushing on their interstate making money daily, and the phone companies are trying to cope up with this by coming up with innovative ideas of transactions.

V. Intended target markert and competition

The past predictions of plastic’s impending downfall have proven futile. The merchants who made considerable investments in POS telephony and equipments in order to get the initial flourish of credit card payments have resisted updating their legacy systems. To them, such innovations like biometrics and chip attached “smart card” basically unsuccessful to persuade them that the benefits would outweigh their venture, or survive the competition. The very infrastructure that made it possible for the American merchants to believe in credit cards is now an impediment; some other countries that were not conversant with credit cards have now leapfrogged directly to mobile applications. Therefore, there is need to find modern ways to use technologies on the existing infrastructure in order to phase out the inconvenient technologies that are not safe to the users as noted by.

Just as those screens mounted on a store shelf that, suddenly comes to existence and attempts to sell something and even go to extend of offering you a coupon, a sensor basically detects ones presence. So is the technologies expected in future that will be in a position to identify you from your mobile device, and personalizing the marketing procedure fitted with directed audio as noted by. These technologies will contain more and more of the intelligence. Moreover, they will enhance the surrounding that will follow you and, even propose suggestions and incentives. The 3D holographic images will feed one with more information about the present product than one get form the store catalog. In the case, there is a checkout experience, the inconveniences created by queuing while waiting for a specific service will come to an end. The technology that will replace POS will obviously be based on mobile technology, and most probably put either internet protocol or RFID to finish a transaction fast.

VI. Features function and benefits of the innovation concept.

In most cases, convenience and security is seen as a trade-off. Therefore, additional incorporation of technology has caused concurrent growth in mutually convenience and security. A credit card installed with an LCD display and keypad is one of the most recent inventions. The card companies have assured of less shopping online fraud. Each credit card contains a 12-button keyboard and a display powered by a battery that would last for the next three years. With it, the users are expected to input their Pin each moment they make an online purchase. The security card will in turn display security codes, which should be entered into the website. Once an authorization by the Visa’s servers, the purchase is immediately approved. It is the hope of these companies that these credit cards will enhance shopping over the internet. These companies expect that consumers will build confidence in these credit cards when shopping online.

VII. Critical risks and limitations

Biometric signatures verification solution developed to restore text-based passwords and pin log on systems in Window 2000 and XP Platforms powered by Security Biometrics’ technology, is simply administered and provides superior than password and PIN-protected systems. BIOSign is extremely precise and personal verification solution. In totaling to rising protection and plummeting fraud, BIOSign maximizes effectiveness given that users are not obligated to memorize the passwords or re-key inaccurately typed characters. It is less persistent compared to fingerprint detection and is not susceptible to the fraud and theft action experienced with digital signature identity solutions, PINS, and passwords. The customary based password-based systems are exasperating for the card users and expensive to administer. Therefore, BIOSign provides a complete and scalable password substitute solution that fully integrates through Active Directory.

Fingerprints constitute one of the most important categories of physical evidences and, among the few that can be individualized. Though, fingerprint recognition systems that are commonly used for identification purposes may not be used in capturing the entire finger print image. They can be used in capturing discrete ridges that are found on one's fingertips and valleys. This technology is one o the most used and well understood biometric for immigration and border control purpose.

There are two types of fingerprints namely; rolled and flat. Flat finger prints are a feeling of just the middle area of the finger pad whereas, rolled prints captures ridges on the side of the finger as well as the middle section between the tip and the first knuckle. These images are scanned, converted into templates and enhanced. These templates are saved in a specific database for potential comparisons with the help of scanners for example, optical, silicon or either ultrasound. So far, ultrasounds are the most accurate, and rarely used. In its place, optical scanners are rampantly used. However, this technology has got some limitation with some people feeling as if giving their finger print identification is an equivalent of being identified as a criminal thereby, rejecting its usage as a biometric.

VIII. Critical risks and limitations

Several arguments brought up by analysts claim that, fingerprint collected for one reason could be used to track an individual’s activities. There also has been controversy regarding the hygiene of how clean the scanner is since, it is touched by many people.  Moreover, fingerprint biometric systems do not work everywhere For instance, in gloved surrounding like operation rooms in hospitals. Another major area used by biometrics is in the identity and confidence and comfort levels have provided by the biometric technology solutions accessibility of the healthcare management. It is a significant challenge, since greater security usually decreases access. People are comfortable when their fingerprints are kept in a database, because it is stored as a string of numbers rather than the real digital images.

Moreover, the hand geometry solutions exceed 90 dimensional measurements in recording a precise spatial demonstration of an individual’s hand. The hand geometry relies on measurement of the width, length and height of the finger, distance between joints, and the shape of knuckles. Two orthogonal, two dimension images of the back and the side of the hands are taken. Based on these images, more than 90 dimensional measurements are obtained and calculated and hence the creation of a template. Hand geometry is a mature technology chiefly used for high-volume turnout and admission control.

Hand geometry functions effectively when there is a large number of people who need to be processed in a short period of time. Since different people have got different features and are not individually distinct, hand geometry cannot be used for many matching as noted by. On the other hand, a variety of industries has used hand geometry in the regulation of access control for over a period of 30 years. It is very hard to fake ones hand shadow without the person’s cooperation.

Consequently, Retinal scanning entails use of electronic scanning in the innermost layer of the wall of the eyeball and the retina. The layer of blood vessels at the back of the eye is analyzed by this process. This takes the advantage of the lesser low-intensity light source, an optional coupler and, can decode patterns at great level of accuracy. It takes a span of about ten to fifteen seconds to complete the scan. It is one of the hardest feature to fake since no technology exists that can allow the forgery of a human retina,  the retina of a dead person decays very fast to be used to fraudulently bypass a retinal scan. This technology is considered to be unreliable and expensive due to proprietary of hardware and also, the incapability to match with the new technology. Though many people think it is potentially harmful to the eyes, it is yet to be known whether it may raise public alarm.

In conclusion, this innovation tends to bring a positive impact to the information security. By using devices such as iris scanners devices whereby, high-definition cameras are taken in a range of three and ten feet from the person. They analyze more than two hundred different points of the data contained in the trabecular meshwork of the iris. Scattered granules of melanin pigment are contained in the iris front layer. All these aspects would tend to improve the customer’s shopping experiences, as well as security of shopping online.

 

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