He seems to think the laws didn't apply to him.
So his next career will be on Wall Street?
- I initiate a purchase online, Amex gives a probationary okay and sends a 5 digit code to my mobile device
- The vendor prompts me for that code
- Once I confirm that I am in possession of the device, the transaction can be completed
It may not be perfect but it seems a bit better than the honor system that we're on now.
Actually CVV values are located in the track data which only proves you either have a copy of the card or the original. The second "fix" was CVV2 values which are printed on the back of the cards. This was to prove the card is in the hands of the person, but if that number has been comprised (which is darn easy) then all bets are off.
AMEX uses a 4 digit value printed on the front of the card.
In a few years once somebody figures out how to implement a 5 digit value on the back of a card, our worries will be over!
Any bets on whether the public will ever see a single byte of this data?
I'm guessing that if the information were to ever get out, terrorists would somehow use it to their advantage. Give me a few more pints and I'll work out a rationalization.