Chip and PIN coming - don't hold your breath
Dec 22nd, 2013, 08:03 AM
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Chip and PIN coming - don't hold your breath
An article today discusses the problem - cost - of the US going to the European chip and PIN card system. http://www.cnbc.com/id/101291814.
Dec 22nd, 2013, 09:02 AM
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Read the article. Key point. Credit card fraud accounts for 5¢ of every $100 profits American banks are making on their credit card operations.
MC and visa, as indicated in the other thread, have announced a major shift in liabiilities coming in 2015 in the USA. However, as has been discussed (and I'm just being the messenger, it is not something I advocate believe me) it does seem that American banks are committed to chip and signature, not chip and pin for a variety of rerasons that have been discussed. (Depending on the security level of the emv chip, chip and signature would have protected against the Target disaster as well as chip and pin I think but I won't argue that).
Now I have read Australia will require in the near future all credit card transactions require a pin. If the eu were to do that, perhaps it might get the US banks off their collective rear ends the operative word being perhaps.
But as noted in the article and as I have noted, chip and pin or even chip and signature does little about online fraud which is the biggest growing means of credit card fraud we have today.
Anybody for retinal scans or fingerprinting?
MC and visa, as indicated in the other thread, have announced a major shift in liabiilities coming in 2015 in the USA. However, as has been discussed (and I'm just being the messenger, it is not something I advocate believe me) it does seem that American banks are committed to chip and signature, not chip and pin for a variety of rerasons that have been discussed. (Depending on the security level of the emv chip, chip and signature would have protected against the Target disaster as well as chip and pin I think but I won't argue that).
Now I have read Australia will require in the near future all credit card transactions require a pin. If the eu were to do that, perhaps it might get the US banks off their collective rear ends the operative word being perhaps.
But as noted in the article and as I have noted, chip and pin or even chip and signature does little about online fraud which is the biggest growing means of credit card fraud we have today.
Anybody for retinal scans or fingerprinting?
Jan 12th, 2014, 07:23 PM
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Something might happen from the Target incident. Finally the CEO, and not just the industry critics, are calling for a need for Chip-and-PIN. Doesn't it always seem to be like this? - US companies discount problems found elsewhere claiming it doesn't happen to them, and only when the companies finally get hit financially (not just the consumers) they take steps.
"Steinhafel (Target CEO) is pushing for new credit card technology for American consumers — a chip-and-PIN-number system called EMV technology that replaces vulnerable magnetic strips."
<i>a new card technology</i>? There is nothing new about this technology.
http://usnews.nbcnews.com/_news/2014...ge-data-breach
"Steinhafel (Target CEO) is pushing for new credit card technology for American consumers — a chip-and-PIN-number system called EMV technology that replaces vulnerable magnetic strips."
<i>a new card technology</i>? There is nothing new about this technology.
http://usnews.nbcnews.com/_news/2014...ge-data-breach
Jan 12th, 2014, 09:36 PM
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>Now I have read Australia will require in the near future all credit card transactions require a >pin. If the eu were to do that, perhaps it might get the US banks off their collective rear ends >the operative word being perhaps.
We are well on the way to that - most newer cards are furnished with a chip (my husband has one card that isn't), and at the checkout you are routinely asked 'PIN or signature?'. The understanding is that one day this will be PIN only. We also have PayPass (MasterCard) or Paywave (VISA), whereby for small purchases you can hold your chipped credit card against a panel, which then records the withdrawal. No PIN required. Only for amounts under $100, though, so the risk is small.
Lavandula
We are well on the way to that - most newer cards are furnished with a chip (my husband has one card that isn't), and at the checkout you are routinely asked 'PIN or signature?'. The understanding is that one day this will be PIN only. We also have PayPass (MasterCard) or Paywave (VISA), whereby for small purchases you can hold your chipped credit card against a panel, which then records the withdrawal. No PIN required. Only for amounts under $100, though, so the risk is small.
Lavandula
