How Credit Cards Could Take A Quantum Leap

Credit Cards Could Take Quantum Leap

A group of Dutch physicists published research that could lay the groundwork for “fraud-proof” credit cards with help from quantum physics.

Through a process known as Quantum-Secure Authentication, scientists may be able to harness the unique properties of photons to replace the traditional (and easily-skimmed) magnetic strips used in credit cards today — a technology that has been relying on recent innovations like EMV, RFID and NFC to remain safe.

CFPB Sues Texas Company Over “Sham” Credit Card

The Consumer Finance Protection Bureau sued Texas-based company Union Workers Credit Services Wednesday, claiming the company sold consumers a “sham credit card,” according to CFPB Director Richard Cordray.

UWCS allegedly marketed the product as a general-use credit card — however, the CFPB claims the card could only be used to purchase goods from UWCS and not other retailers.

EU Sets Credit/Debit Transaction Fee Limits

Following talks last Wednesday night, the European Parliament proposed placing a ceiling on debit and credit card transactions at 0.2 percent for debit cards and 0.3 percent for credit cards.

These rates are in stark contrasts to countries like Germany, which has 1.8 percent transaction fees on credit cards, and Poland, which has average debt card charges of 1.6 percent, the Financial Times reported. The proposal requires approval from EU member states and the European Parliament early next year.

U.S. Credit Cards To Be Usable In Cuba

As part of the Obama administration's effort to thaw the U.S.-Cuba relations, credit and debit cards issued by American banks will work in Cuba, the Wall Street Journal reported.

The relaxed rules are being seen as the first steps in reestablishing trade and commerce between the two nations, which could be a boon for American banks who once thought it was too expensive and legally risky to do business with Cuba.

Park-n-Fly Investigates Possible Card Breach

Atlanta-based airport parking service Park-n-Fly reportedly contacted several security firms to investigate breach claims made by financial institutions, security expert Brian Krebs reported Sunday.

Krebs claims several cards for sale at dark web site Rescator, run by the same group of criminals that sold stolen data from the Home Depot and Target breaches, were traced back to Park-and-Fly.

Steven Richmond worked as a government and business journalist before becoming Editor-in-Chief of BadCredit.org, a leading website for consumer credit and debt news and advice, and CardRates.com, a comprehensive guide to credit card rates, deals and information.

Image credit: Sean MacEntee, Flickr