from: http://news.cnet.com/news/0-1007-200-2716407.html Click Here: <A HREF="http://news.cnet.com/news/0-1007-200-2716407.html">CNET.c om - News - E-Business - AmEx to offer "d�</A> ----- AmEx to offer "disposable" credit card numbers By Stefanie Olsen Staff Writer, CNET News.com September 7, 2000, 7:50 a.m. PT update American Express is expected to announce today an e-commerce initiative that includes the use of "disposable" credit card numbers. Under the initiative, American Express cardholders will be able to log onto a secure Web site and receive a one-time-use credit card number for purchases over the Internet, sources familiar with the technology told CNET News.com. � Get the "Big Picture" � Related News � Message Boards Quote Snapshot AXP 61.75 +1.12 Enter symbol: � Symbol Lookup Quotes delayed 20+ minutes The move could ease consumer fears that their credit cards are vulnerable to online theft. There have been several recent instances of credit card and other personal data being stolen from Web sites. Representatives of American Express would not comment on the plan. The company has scheduled a press conference for 9 a.m. PT today. American Express is no newcomer to e-commerce. While its regular credit cards can be used to make purchases on the Internet, the company also has created services geared specifically to build consumer confidence on the Net. AmEx's blue card, introduced last September, is embedded with a computer chip and comes with a free card reader, allowing customers to transfer credit card information directly to Net retailers. Privacy concerns and online credit card fraud have sullied the appearance of Internet business in the past. In a recent survey, researchers found that a majority of Americans are concerned about online businesses collecting their personal information. Exacerbating worries, a privacy breach at home furnishings retailer IKEA this week exposed thousands of customers' contact information, resulting in the company shutting down a portion of its site. Online retailer Amazon.com also had to fix a bug on its site that revealed numerous affiliate members' email addresses. Credit card fraud is a particular hindrance to e-commerce. Jupiter Communications estimated last year that online retail sales will reach $40 billion by 2002 but said that figure could be almost $18 billion less if privacy concerns aren't addressed. In July, a man was arrested for allegedly breaking into two NASA-owned computers and stealing credit card numbers that were used to make more than $10,000 in unauthorized purchases. Earlier this year, a hacker who took advantage of a security breach in CD Universe's database demanded $100,000 in exchange for thousands of its customer names, addresses and credit card numbers. Because credit cards are the primary means for shopping online, consumers worry about their safety, and privacy advocates are pushing for technology to protect purchases. "When you go to buy something online you can only use credit cards, but they provide no privacy protection and your name is right out there," said Lance Cotrell, president of Anonymizer, an online system for privacy. "So an effective, anonymous payment system is critical." But such technology is just one answer to the privacy question. "The real keys for an anonymous Web (are) baseline government protection with teeth--and (up-front) technology for users to protect themselves," said Cotrell. The technology could be a boon for online merchants, which often bear the brunt of credit card fraud. Unlike credit card transactions at offline companies, in which the bank that issued the card is usually liable for fraudulent transactions, online merchants are typically forced to cover the losses. By limiting the number of active credit card numbers used online, occurrences of credit card fraud may drop significantly. Earlier this year, travel site Expedia recorded a fiscal third-quarter charge of $4 million to $6 million to cover the cost of fraudulent transactions on its Web site. The company said stolen credit cards were used to book travel reservations. American Express' new technology, which is one component of today's announcement, will give consumers a way to limit access to sensitive financial information and shop more easily at stores with an unproven track record. The credit card and financial company also has set its sights beyond consumer e-commerce, cutting deals with several business-to-business players, including Ariba and IBM, to streamline business transactions and purchases on the Internet. Last month, American Express launched a new company, dubbed MarketMile, to delve deeper into electronic payment services in the business-to-business market. Copyright �1995-2000 CNET Networks, Inc. All rights reserved. ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, Omnia Bona Bonis, All My Relations. Adieu, Adios, Aloha. Amen. Roads End <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html">Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
