I've been working on this idea for months now thinking of every possible problem with it. I thought about how easy it is for the customer, webmaster, and credit card companies ,every aspect of it.
It will require the credit card issuers to add one extra field to the customer database and require one extra field to be added into the checkout form on websites. Also possibly eliminating some fields in the checkout such as customers address and will completely eliminate enterning in a credit card number.
Most online credit card fraud is caused by lost credit cards so if someone found a credit card they wouldn't be able to use it online. The checkout form would not have a field for a credit card number and the extra field (i can't disclose what that is) will be needed to checkout. What you need to enter in that field would be issued by the credit card company at very minimal cost.
No its not an extra password.
This will help everyone even the credit card companies. Yes credit card companies protect credit card holders from unauthorized charges but that costs them money too.
The only thing is I don't know is are there other ways hackers can hack what is entered into the field besides keystroke logging?
In a nutshell I am eliminating using credit card numbers online.
I have researched every method of credit card fraud protection from visa and mastercard. Visa uses a method where it tracks what you purchase and if a purchase looks suscpicous based on your buying habits they will decline the sale. Ok idea but suppose I want to buy a 50 inch plasma tv at 3 am and they decline me that would inconvenience the customer big time let alone cause a lot of embarrassment.
All those illegal sites selling credit card numbers will be fucked because the checkout form doesn't need credit card numbers.
FUCK YOU IF YOU GOT A PROBLEM WITH MY SPELLING TO!