VISA Credit card protection

Since VISA is absolutely insecure, here are the typical security “piece of mind” products that banks offer:

  1. The savings account. If you have a high balance in your current account, please transfer it into a savings account, so that criminals can’t get all your money in one fell swoop.
  2. The credit card account. Hey, here’s another card (don’t use your DEBIT VISA card dude) that you can use online. Idea is you pay for purchases later you know you made, with interest!
  3. Insurance. Hey, pay the bank some money every month and when you get defrauded we’ll give you your money back. Promise.

So when you insure your car or home, are you protected? I really don’t think so! Barclaycard Card Protection could really do more, by doing something to prevent this madness. Barclays PIN sentry is stupid and Barclays verified by visa is confusing, esp. since it does some dodgy looking redirections. And don’t get me started on CVV!

People may argue VISA is convenient, though now I find it simply isn’t. For every account (think business), I need to track at least two sub-accounts. Add business banking, add foreign accounts and enjoy managing a NIGHTMARE scenario. :(

Protection and Insurance is not the same for me, is it for you? I think insurance is just a way for banks and organization to skirt around their responsibilities to properly handle your digital transactions. And make some money in the process.

Proposed solution: I recommend banks deploy some sort of GRID PIN verification, used in conjunction with a physical piece of paper (that can fit in your wallet, unlike the silly pin sentry device) of one time passwords. Hey, if my bank can afford to send me statements for free, they can send me some one time passwords every 3 months or so too.

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