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The Technology of Money

Discussion in 'Article Discussion' started by Tim S, 29 Nov 2006.

  1. Fatboy

    Fatboy Bored

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    Its not CVV2 its CV2.

    I work for a card processing comapny, and its amazing how insecure some stuff still is.
    But its all getting better!
     
  2. Cthippo

    Cthippo Can't mod my way out of a paper bag

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    Card Verification Value 2, right? :eyebrow:
     
  3. IccleD

    IccleD New Member

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    Whats printed on the back of my Credit Cards is, CV2

    As for this artical, brilliant. I'm someone that spends most of my money using a Card, either in shops or online (mostly online!)
    I rarely carry Cash,(Coins or Notes), and I only get cash out when I've no other choice. It's so much simplier, and eaiser to track my funds!
    I'm even shocked when I goto a website that doesn't take Credit Cards these days!
     
    Last edited: 4 Dec 2006
  4. Tetsugaku-San

    Tetsugaku-San New Member

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    I'm really shocked that noone has mentioned any of the privacy concerns here?

    A perfect utopian Star Trek view of the future might be nice but it's just not happening people. What happens when you want to use your funds for something the government doesn't like? Say supporting a political group (I've supported the EFF) say buying placards to go to a protest, say going to a drug dealer to buy some victimless, yet criminal drugs?

    Has everyone lost sight of the fact that you can't trust these people?
     
  5. DougEdey

    DougEdey I pwn all your storage

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    Buying victim-less drugs from a drug dealer? Are there any really?

    If the electronic money scenario does eventually play out, drugs will have become legal and taxed.
     
  6. Tetsugaku-San

    Tetsugaku-San New Member

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    What I mean by victimless is that taking drugs (not the production, moving or selling) is victimless, therefore should be legal. It's not currently, for purely political reasons.

    People still want to do things anonymously that is surely the most important aspect here.

    If the banking could be 100% secure - and yet anonymous, we would have reached a truly free sociaety.

    This article has many, many rings of a PR execs promo piece from someone like Maestro - all of the positives and none of the negatives? come on.
     
  7. DougEdey

    DougEdey I pwn all your storage

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    For something to be secure, by definition it needs to be traceable.

    You can't just go up to someone, say "I am Z You owe me £35 for X which you bought yesterday" and expect them to give it to you, they need to know you are who you say you are. Which requires ID.
     
  8. Tyinsar

    Tyinsar 6 screens 1 card since Nov 17 2007

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    There will be those who "launder" money.

    Traceable = secure but not totally private.
    Untraceable = private but without a way to prove fraud or theft.
    (or what Doug said)

    I suspect that privacy is what will take the hit. (especially after the reactions to 9/11)
     
  9. Fatboy

    Fatboy Bored

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    Might be a US thing, but i speak to merchants and banks daily and ive never heard CVV2

    Ona side note you would be surprised how very little merchants actually ask for AVS and CV2 checks.

    Most people that have it set up have a lower limit on it though, for example transactions over £200 will go through both but under and it wont.

    Im surprised that banks/businesses arent more wary about 'customer not present' charges, like online retailers. Its easy enough to have someone elses card details and use them. However a lot of e-commerce sites are very careful, a few still arent.
     
  10. Cthippo

    Cthippo Can't mod my way out of a paper bag

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    I've never been asked for a CVV2 number anywhere but online. I thought that was the only place it was used.

    What concerns me is the EFT transfers. I pay for a lot of things with only my bank account number and routing number, and the routing number is public information. Not sure what kind of protections there are on that. :worried:
     
  11. metarinka

    metarinka New Member

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    I would like to touch a little more on the energy issue, Back in 05(IIRC) there was a huge black out in the midwest and ever few years in michigan a bad storm causes a blackout. The grocery store I used to work for grinds to a halt and would loose around 30,000$ and hour with no power as you can't process credit cards or even ring up now price sticker free items without power (let alone the american stables most of which are refridgerated). I'm not gonna get all doomsday or tin foil hat, but any major disruption to internet backbones or a mass power outtage could topple a cashless economy relatively fast. I think it's just spooky how much our society rely's on the 24/7 endless amount of cheap electricity, if the rolling blackouts in california are anything to prove, this infastructure is very fragile.
     
  12. cpemma

    cpemma Ecky thump

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    And on many phone transactions over here, though I've only heard it called the "security code". Plus there's an extra line of defence for online use that doesn't really seem to have caught on, Verified by Visa and the Mastercard equivalent, adding a password.
    The opposite happened over here, the old pre-decimal copper pennies became worth more as scrap metal than as the face value. Our modern "bronze" money is copper-plated steel.
     
    Last edited: 3 Dec 2006
  13. yonester

    yonester New Member

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    More information

    Can anyone recommend any sources that expand on this subject (books, websites, etc)? This is really fascinating to me and I'd like to learn more about the technology of money.
     
  14. jackbrosnan

    jackbrosnan Banned

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    helloooooo
    ********************
    Jack brosnan
    mls
     
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