Credit Card Denied - Daily Limit
May 28th, 2014, 03:58 PM
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As I said, Lauren, introducing chip cards to the USA will definitely cut down on one kind of credit card fraud i.e. the card is present fraud at a pos terminal where these gans can hack information from magnetic strips and then use the card. Nobody disputes that. However, it will do nothing about most other kinds of credit card fraud (telephone orders, online orders and the like) and what is feared is these credit card fraud rings will simply shift their emphasis.
Incidentally, it is looking more and more than the USA will not be going to a true chip and pin system. Rather from all appearances the USA will be going with chip and signature for most transactions where a human being is there to complete the transaction with chip and pin capabilities namely being able to use the card at unpersonneled kiosks.
Today, I discovered that when my USAA mastercard was replaced, I indeed received a new card with the same account number and the emv chip. When i went to Walmart's which is just about the only major USA retailer that is more or less going emv, I expected to be prompted for my pin as the original card had functioned as a true chip and pin card last year in Europe. Lo and behold, the terminal spilled out the message signature required, did not request my pin and I signed for the transaction. Upon checking further, it seems to be that USAA has abandoned with newly issued emv equipped credit cards the chip and pin priority and followed the lead of most of the USA banks with chip and signature priority. That means we're down to only 2 USA banks which are true chip and pin cards. It is beginning to become evident that this is the direction the American banks have chosen to go with their emv cards i.e. chip and signature priority with chip and pin capability. A definite bummer.
Incidentally, it is looking more and more than the USA will not be going to a true chip and pin system. Rather from all appearances the USA will be going with chip and signature for most transactions where a human being is there to complete the transaction with chip and pin capabilities namely being able to use the card at unpersonneled kiosks.
Today, I discovered that when my USAA mastercard was replaced, I indeed received a new card with the same account number and the emv chip. When i went to Walmart's which is just about the only major USA retailer that is more or less going emv, I expected to be prompted for my pin as the original card had functioned as a true chip and pin card last year in Europe. Lo and behold, the terminal spilled out the message signature required, did not request my pin and I signed for the transaction. Upon checking further, it seems to be that USAA has abandoned with newly issued emv equipped credit cards the chip and pin priority and followed the lead of most of the USA banks with chip and signature priority. That means we're down to only 2 USA banks which are true chip and pin cards. It is beginning to become evident that this is the direction the American banks have chosen to go with their emv cards i.e. chip and signature priority with chip and pin capability. A definite bummer.
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christycruz
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Oct 10th, 2012 08:59 AM
