Credit Cards have been one of the easiest ways for hackers
to steal a person’s identity. If the Credit card is not signed or the picture
is not on the front of the card, then the card is almost free game for another
person to use it. Clerks and Cashiers are not trained to monitor personal
credit cards, especially during the ‘busy season,’ which just so happens to be
the time when identities are stolen.
My mom’s identity was stolen in
December of 2009. I can remember the day specifically. We were in Marshall’s
Arts and Crafts store looking for Christmas flowers and glitter so I could make
door deco’s for our house; her purse was in the cart, closed only by a small
snap on the inside; her wallet was, of course, the first thing on top. It was a
matter of maybe 30 seconds when she turned her back to the cart to look at me
hold up different flowers at the end of the aisle. She did not realize that her
wallet was completely gone until we reached the register, which by that time
was maybe an hour later. To make a long story short, it was not a very pleasant
Christmas that year.
My Entrepreneurship Project
idea is to transform the Credit Card Industry; from a plastic, man made, mass
produced industry, into an electronic one with our online bank accounts linked
to electronic cards on our phones that are password protected in order for
credit cards to not only exist in a physical form, but online. This invention is
completely possible because of the invention of the electronic store cards
already being distributed in replacement to wasteful plastic ones. Stay tuned
for all of the surprising twists and turns of this once in a lifetime project
The idea to put in a pass code with a credit card is a pretty good one. You would most likely run into some of the same issues that banks face with people finding pins and then using the cards maliciously but integrating it to a person's phone would be pretty smart. I know that for a while visa had that tap and go system with chips in the card. One problem they ran into was that if people walked by the cashier sometimes it would pick up the card and charge it by accident. Multiple forms of authentications before using the card could be really helpful. I am sure that banks and credit card companies would also support this.
ReplyDeleteSounds to me like Google Wallet might of beat you to the punch here, Rae. Haha... maybe you can work with them to include bank accounts and other personal information... Passports? SSNs? Insurance cards? I want some royalties when you get on their board of directors, hahaha!
ReplyDeleteI think that this is a great idea but I do agree with jtlee03 and I think that the idea may have already been taken by Google. I am sure that you can find different ways to make your concept much different from Google Wallet or you may be able to help the credit card industry by putting new restrictions on the way credit cards are used today with things like different passwords or RFID that is linked to the credit card and your wallet.
ReplyDeleteI think this is a really nice idea since a lot of people get their identities stolen. It is nice because by this electronic project you want to do people wont be able to use other's credit/debit cards anymore, because they are not going to mach with the information registered and the cashiers or where ever they want to use it would notice the difference.
ReplyDeletethis idea interests me. i think it is good but resembles google wallet a bit. i think that it would be an integrateable idea that could one day be sold for a lot of money to a large company. storing things remotely scares me though because i like to hold onto my tangibles. i think that this can be great for people that don't carry around a lot and are very simplistic. simple makes better. good idea
ReplyDeleteYour idea is interesting with having a "pass code" into credit cards, but to the best of my knowledge some credit card companies already have this in place where the cards can have a code and be accessed from a mobile device using an app such as Google Wallet. If you could somehow figure out a way to make Google Wallet more secure that may be better because it is easier today to steal someones phone and to be able to access all of their information. Even though Google Wallet is "secure" if someone wants your info they will somehow get their hands on it.
ReplyDeleteI really found the idea of the passcode interesting. It's kind of like what we learned about the Google Wallet we learned about earlier in 195. Another thing that just recently popped up is the new ability from Chase to send money directly from account to account over a smartphone app. I think this might fit into your idea as a rival simply because it's feasting on the consumer's want of fast transaction rather than slow and secure. Reaching out to your audience with stories of theft and how it's so (terribly) easily pulled off might be a good idea to get them on board. Overall it looks stable and I think it could have a go.
ReplyDelete