New Protection Technique For Online shopping [THEORY]

Hello, i have been wondering and thinking about a security technique that can or maybe, be implemented for online shopping and make it more secure for everyone.This method would involve two PINS to be used, one PIN is your normal banking transaction PIN used for general banking, and the second PIN be used for Online shopping.This method will be allot more safer and more secure than using the old method which required: Card number,Card security Code,Expiry date, and name on the card
Comparing:
-When a credit card is lost or stolen, it remains usable until the holder notifies the issuer that the card is lost. Most issuers have free 24-hour telephone numbers to encourage prompt reporting. Still, it is possible for a thief to make unauthorized purchases on a card until it is canceled. Without other security measures, a thief could potentially purchase thousands of dollars in merchandise or services before the cardholder or the card issuer realize that the card is in the wrong hands.
- with the use of 2 pins it will be more secure because, it will reduce the amount of credit card fraud, as all one requires for Online shopping is the credit card itself. and no PIN
-so with the use of 2 pins, it will make it harder for a fraudster to use your money online.
Please let me know your thoughts about this

 

could you describe how it would be more secure. Maybe compare the two?

 

yes, i have done it.....tell me any feedback

 

You will find that something similar has already being implemented (for awhile now)
http://www.crimestoppers-uk.org/crime-prevention/helping-prevent-crime/family/shop-safe-online

 

Yes, but this shop safe online, only protects the customers and websites that participate. My method would require connecting directly from the site to the bank using the second PIN.....

 

I believe the OP is suggesting something similar to what I thought of a little while ago, it works like OAUTH:

Connect to website and go to pay.

Payment asks what you want to use (I.E Credit Card, Debit card, etc.)

After selecting you are redirected to your banks/credit cards site over https/ssl

You now login to your account and supply an online PIN this pin is different from your normal pin. (My thought was to have a OTP that is SMS'd to you.

Now the bank site has authenticated you it sends a secure token to the site saying you payed and you are who you said you are.

The site never gets your banking details AND Debit cards can be used online (They can't at this point in time). Since the PIN is one time this is also secure as an intercepted PIN won't help anyone.

 

I been using mine for years. Its called getting in my car and drive to the shops. I will probably get mugged but at least I see them running away with my money