Dynamics Inc. Card 2.0: Multi-Use Secured Credit Cards

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One of the biggest misconceptions about credit card security is that the sensitive information is located on the front of the card. While your card number, your name, and its expiration date are important bits of information, the magnetic strip contains that information and more. Dynamics Inc. has created a prototype of a card that would secure the magnetic strip of the card whenever you weren’t using it, requiring you to enter in a passcode before you could activate the card.

They’ve debuted two products:

  • Hidden: Ten of the 16 digits of your credit card number are printed on the card, with an additional six “hidden” on a display. After you enter in your special passcode, the remaining six digits are displayed. When the card is activated, the magnetic strip on the bag will populate with your data and it is erased when the unit is “off.”
  • MultiAccount: Instead of carrying two cards, you only need one. You select the card you want by pressing the button and the magnetic strip on the back is populated with the pertinent data.

I’m not entirely sure if this will take off but it’s certainly a step in the right direction for credit card and debit card technology. The MultiAccount card is going to be tricky because what issuer is going to pay for a MultiAccount card just for the convenience of their customer? The Hidden card has the potential to take off if its cost is offset by the savings in fraudulent charges and if the consumer doesn’t mind entering in a code each time (remember, we’re only on the hook for $50 by federal law and often $0 depending on the issuer).

I wouldn’t be surprised if their next three products, all TBA, involved communication technologies that would create one time use card numbers, similar to how RSA keyfobs work if you’ve ever seen them, on the fly. I suspect we’re just getting the appetizers first.

Here’s a video from Mashable:

What do you think?

{ 10 comments, please add your thoughts now! }

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10 Responses to “Dynamics Inc. Card 2.0: Multi-Use Secured Credit Cards”

  1. shiftomnimega says:

    Seems very inconvenient and quite anal. I mean, all security is, but this just doesn’t seem all that necessary.

  2. Shirley says:

    Sad to say, in our world today security really is a necessary thing. I am very security conscious but this is, IMHO, over the top. I surely hope that the future does not prove me wrong.

  3. Glenn Lasher says:

    “Goofy prototype”.

    It’s part of the development lifecycle of a technology. The first stage is “Golden Vapourware”, and the second is “Goofy Prototype.” Give it a few more iterations and it could actually get pretty good.

    Here’s what I would like: An electronic card on which I can store all my credit cards (including store cards), ATM/debit card, and customer loyalty cards, plus any gift cards that I might be carrying around. In order for this to work, however, there would also be a need for a display that can put up a barcode, because some gift cards (e.g. Home Depot) and some customer loyalty cards (e.g. PetSmart, Price Chopper) use barcodes rather than magstripes.

    Oh, and it’s got to be easy to use.

    …and no RFID. I refuse this from my current cards, and think it to be the antithesis to security.

    • daenyll says:

      I am very much in agreement with the RFID thing. Why would I want something that would let someone simply walk by and pick up all my credit card info off the card without me even removing it from wallet/purse/ etc. just from having the radio frequency scan. NOT SECURE.

  4. cubiclegeoff says:

    I’d rather have a display on the card showing either the balance, or the balance of my budget each month. That would be more beneficial than the security features.

  5. Scott Guirlinger says:

    I’m sure all of this functionality and more will be on the iPhone soon 😉

  6. Mike says:

    I think this is a great product (I’m very concerned about security).

    It has the added benefit of taking extra time to purchase, forcing us to decide if it is worth the effort. Sometimes budgets are out of wack because it is too easy to spend.

    Of course, I’ve memorized my credit card numbers so internet shopping wouldn’t slow down for me.

    One-time use numbers would be great except multiple people could end up with the same numbers at different times which could get problematic if a seller delays payment entry.

  7. bloodbath says:

    I think they’re on to something.
    This system could be used as a central security hob that processes all cards with the consumer not having to carry a card at all.
    They can combine a thumbprint to ensure even more protection.
    I’ve devised a security system that addresses this very problem, but I don’t know how to present to the industry.
    (I was a software engineer in my previous life)

  8. zapeta says:

    Interesting technology, but I think it would be more useful if the numbers were just randomly generated like the keyfob you describe. I’m sure its only a matter of time!

  9. Gates VP says:

    Totally unnecessary. Bad purchases just get billed back to retailers and they have no recourse in this matter.

    What credit card company would want to invest in “increased security” when “current security” does not cause a problem?

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