BMW "Smart Key" to mix credit cards and security

Ever thought about going up to the counter at Auto Zone and slapping your car keys up there, having them swipe it, and voila! you get a receipt? Well, BMW is thinking about just that--combines a high-tech microchip system with a vehicle's key fob to produce a secure contactless payment system and key in one package, ready to pay for everything from parking, tolls and maintenance to groceries and clothing.(Source MotorAuthority)

Wow. Really?

I understand the idea of convenience to be able to have this at a given time, but I also am extremely fearful that the fraud world will eat this up in an instance. Can you imagine the possibilities now that will exist for cloning as well as identity theft with something like this? At least with a credit card it is stored away in your wallet and in order for it to be stolen people actually have to get it from you. Now people could simply carjack someone, grab their keys and run, or grab them off a counter, and woosh! They've got access to cash! Here's another thought of control--does this mean that BMW owners who are late on their payment may have themselves locked out of their car until they pay up? :)

BMW doesn't think this way. “With the concept of integrating contactless payment functionality in a car key, we are working on the combination of automotive technology and lifestyle,” said Prof. Raymond Freymann, managing director of BMW Group Research and Technology.

It's still in the concept stage, but following in the steps of Ford's MyKey system, don't be surprised that if within a few years this is all the rage. As well as chargebacks.

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BMW "Smart Key" to mix credit cards and security

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