The Chameleon Pocket Vault hopes to be the all-in-one solution to the endless clutter of multi-payment credit, banking, and whatever other cards you can imagine that get packed into your wallet.
To use the Pocket Vault for a transaction, the customer would press the relevant logo on the display representing which account they wish to use. Literally seconds later, the Pocket Vault ejects the Chameleon Card with the selected credit card account number, expiration date and logo imprinted on the cards display with the proper information stored on the transducer strip.
This nifty payment solution is expected to retail in 2005 for a little under $200, and will be compatible with RFID chip cards, like the Speedpass.
Although this device sounds like a hackers dream come true, the security behind the process is very intricate. First you have a fingerprint scanner, this authorizes the original owner and will not clone a card regardless. Second is the expiration, each cloned card stored on the Chameleon expires after 10 minutes and will have to be re-cloned. The device also switches off automatically after ejecting a new clone, therefore requiring another finger print scan to activate.