Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

New credit cards could mean serious hassles at checkout (for 10/1 deadline on who pays for fraud)
CNN Money ^ | 9/30/2015 | Kathryn Vasel

Posted on 09/30/2015 7:35:20 PM PDT by Vision Thing

Banks have been sending out new chip-enabled credit cards, and stores have been installing new machines that require you to dip the new cards rather than swipe them.

It's all aimed at keeping you safe from hackers.

… new liability rules go into effect October 1 that shifts who pays for fraudulent charges. Banks used to cover any bogus transactions, but now the entity with less protection will have to cover the costs.

For instance, if a chip-enabled card is used in a store that hasn't upgraded its payment system, the retailer is on the hook for any fake swipes.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Extended News
KEYWORDS: antifraud; creditcards
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-64 next last
Anything to help with fraud.

The banks have been swallowing the costs of fraud, but now with the new chip-enabled cards and rules, the stores and vendors may end up paying for the fraud.

This should give the stores some incentive to prevent fraud.

Which is good for all of us.

1 posted on 09/30/2015 7:35:21 PM PDT by Vision Thing
[ Post Reply | Private Reply | View Replies]

To: Vision Thing

I have a debit MasterCard.

Well its convenient and I don’t have to worry about monthly payments.


2 posted on 09/30/2015 7:38:17 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing

How does this work online? Or over the phone?


3 posted on 09/30/2015 7:39:45 PM PDT by loungitude (The truth hurts.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing

I agree. They need to upgrade. It may be costly but that is the price of doing business. Otherwise just take cash.


4 posted on 09/30/2015 7:39:48 PM PDT by The Ghost of FReepers Past (Woe unto them that call evil good, and good evil; that put darkness for light..... Isaiah 5:20)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing

I was in a Trader Joe’s today that is still swiping, no chip read. Everyone else I’ve been to recently is doing a chip read, except Costco, and they basically have two-factor authentication with the membership card plus the credit card.


5 posted on 09/30/2015 7:39:55 PM PDT by FreedomPoster (Islam delenda est)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing

Excellent. Bank fees should soon be coming down.

Best news I’ve heard all week.


6 posted on 09/30/2015 7:40:45 PM PDT by DoughtyOne (It's beginning to look like "Morning in America" again. Comment on YouTube under Trump Free Ride.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing

What if my card is stolen, and someone ‘dips’ it at a store? How is that good?


7 posted on 09/30/2015 7:40:54 PM PDT by loungitude (The truth hurts.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: goldstategop

Did they send you a replacement card that is chip-enabled?

I think debit cards that use the old magnetic stripes can still be copied by the bad guys whereever you swipe the card.


8 posted on 09/30/2015 7:44:30 PM PDT by Vision Thing ("Community Organizer" is a shorter way of saying "Commie Unity Organizer".)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Vision Thing
Bank Fraud???

Nothing to worry about when we have a punk ass ID Thief for president, that has access to just about everyone's bank info!

9 posted on 09/30/2015 7:44:33 PM PDT by rawcatslyentist (Genesis 1:29 And God said, Behold, I have given you every herb bearing seed,)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing
Well, the banks did their part. They spent a lot of money on new cards. However I haven't yet seen even a single store that supports "dipping." Some stores have the machines with a smartcard reader, but when I ask they say "No, that doesn't work yet." Promise of liabilities is a good stimulus for the corporate IT to get moving.

The fraud is not a significant drain on banks; it's just cost of doing business. The problem is that the fraud feeds the criminal industry of card theft, counterfeit, and other misuse. I'm not sure that the banks would have done anything without those massive breaches like at Target. Those incidents created enough pressure on banks to "do something," and so they did.

10 posted on 09/30/2015 7:44:57 PM PDT by Greysard
[ Post Reply | Private Reply | To 1 | View Replies]

To: loungitude

Wal-mart around here (Central Florida) is the only merchant with these new machines that I’ve seen.

They are a pain, they never work the first time and it usually screws me out of 2 additional minutes every time I swipe it. You wait long enough to get someone to check you out, this is a burden on ME. Not anymore.

Guess what, PAYING CASH NOW.


11 posted on 09/30/2015 7:45:09 PM PDT by George from New England (escaped CT in 2006, now living north of Tampa)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Vision Thing

In Canada chip cards also use a pin.
Haven’t seen them in use here in CA yet.


12 posted on 09/30/2015 7:46:48 PM PDT by BlueNgold (May I suggest a very nice 1788 Article V with your supper...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: loungitude

I use PayPal, but almost on a daily basis, I get spam mail with a very realist looking PayPay format telling me my account will be limited or closed if I don’t update my info.


13 posted on 09/30/2015 7:47:30 PM PDT by umgud
[ Post Reply | Private Reply | To 3 | View Replies]

To: loungitude
How does this work online? Or over the phone?

Online and by phone, these new cards work the same way as the old.

The new cards were designed mainly to prevent the bad guys from copying your card data from the magnetic stripe. The bad guys would then make a copy of the card, which can be used at gas-pump credit-card terminals and other places where a clerk doesn't verify the true owner of the card.

So these new cards will deter fraud from physical card copying, but it looks like they still keep us vulnerable via fraudulent online and phone transactions.

14 posted on 09/30/2015 7:50:17 PM PDT by Vision Thing ("Community Organizer" is a shorter way of saying "Commie Unity Organizer".)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Vision Thing

Walgreens is using it.


15 posted on 09/30/2015 7:51:23 PM PDT by sgtyork (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing

I have always viewed Credit Card and Identity theft the same way I looked at Pregnancy and Venereal Disease.

Abstinence works every time it is tried!

Cash is King.


16 posted on 09/30/2015 7:52:16 PM PDT by eyeamok
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vision Thing
This whole thing is a total joke. The US went to the chip and sign cards instead of going to chip and PIN cards that Europe uses. Someone gets your card, and they can still use is as they would a mag strip card. Plus, these cards still have the mag strips with all the data encoded there as before.

The chip (when used) will stop some forms of fraud done at the point of sale, but doesn't protect the consumer from several other vulnerabilities.

Also, some ATM machines overseas that accept chip and pin cards do not accept these chip and sign cards... I ran into that in a casino in Costa Rica last month.

17 posted on 09/30/2015 7:54:40 PM PDT by Cementjungle
[ Post Reply | Private Reply | To 1 | View Replies]

To: Greysard
"However I haven't yet seen even a single store that supports "dipping."

And think of the sanitation issues.

I know there are many banks that use "fingerprint ID"

But being the germophobe I am, I just can't get past thinking: "Wait, the last guy to use this might have just wiped his ass."

18 posted on 09/30/2015 7:55:04 PM PDT by boop (Do you want to take a shower? NO!)
[ Post Reply | Private Reply | To 10 | View Replies]

To: umgud

You’re going to get those phishing emails whether or not you use PayPal or even have an account.


19 posted on 09/30/2015 7:56:05 PM PDT by Bob (No, being a US Senator and the Secretary of State are not accomplishments; they're jobs.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: The Ghost of FReepers Past

Yes, I like how private industry has taken the lead in making these changes without any prompting by the federal government. It just seems to be in everyone’s best interest (except for the fraudsters).


20 posted on 09/30/2015 7:57:26 PM PDT by Vision Thing ("Community Organizer" is a shorter way of saying "Commie Unity Organizer".)
[ Post Reply | Private Reply | To 4 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-64 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson