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one-time-passwords-and-credit-cards

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I am so confused about this piece of advice from Garner's Avivah Litan:

To make account data -- such as that filched from TJX -- useless to thieves, Litan advises banks to add one-time password capability to credit and debit cards. Unlike the "chip and pin" standard used in Europe, a one-time password would be much less expensive to add to cards; Litan estimates it would cost about $3 per card.

Equipped with one-time password capability, a credit card would generate a one-use value to complete each transaction at retail or online. That value, or password, would have to match what the card issuer generates before a transaction would be authorized.

Here's why I'm confused:

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