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.
YEP...I asked the Walmart person why they didn’t need a pin number or ID? She didn’t know....so, if ANYONE gets my card they can use it at will!!!!
My cousin recommends this...WRITE “Please ask for ID” on the back of all your charge cards.
“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.”
That is correct. We have had our credit card information stolen 3 times in the past year. The last one was one of those chip embedded cards. We have special wallets that we use that are supposed to block anyone from being able to scan the card while it is in the wallet. Most stores that we do business with do not have the new machines for these cards.
I have a feeling that it was online purchases that were vunerable. I do most of my shopping online.
VISA has been great about catching these fraud purchases right away. What they did first in every case was to try and use the number for a very small purchase under $10. Then if they are successful they go for something bigger.
I wish I knew of a more secure way to shop online.