Posted on 02/06/2017 2:08:48 PM PST by Red Badger
Its a tiny chip that elicits big opinions.
Meant to protect customers from credit card fraud, most cards now have security chips, and many businesses bought the chip readers to go with it. But more than a year after they became common place, research shows that identity theft is actually up.
With all the credit card hacking and privacy invasion, I think its a fantastic idea, said one consumer.
Not so, said another. It holds you up. Its annoying.
Consumers and businesses switched to the chip-based cards and readers 16 months ago to deter theft. But a study released this week from Javelin Strategy and Research found that identity fraud cases rose 16 percent in 2016, which equates to 15.4 million new victims a record high. Lane Conner, founder and CEO of credit card processor Fuze said the chip rollout was bungled from the start, in part because it was supposed to require a pin not just a signature.
The real security was supposed to be the pin and actually putting your pin in when you actually dip the card, he said. A bad guy could just as easily steal your wallet, go and dip a credit card into a machine and sign for it like theyre you as you could swiping a card.
He also said the increase in e-commerce is to blame, since online shopping offers virtually no credit card protection. For business owner kory helfman of kens mans shop, the spike in fraud cases is concerning.
It scares me as a business owner, not only for our store but also for our clientele. No one wants to come under any kind of fraud, he said.
But overall Conner is comfortable with the protection the chip readers gives. And thats a good thing given the chip is here to stay.
As badly as it was done, the ship has sailed on ever going back to swiping cards, said Conner.
Depending on who your financial institution is, that may change soon. The standard is chip *and* PIN, but some banks/credit card issuers have just been lazy and not implemented the PIN part yet. For those banks that *did* comply with the full standard, the card is indeed a useless piece of plastic and silicon without the PIN number. All my chip cards are from institutions that require the PIN for any transaction; I have one swipe-only card left that I understand will be getting upgraded this year.
Give it a rest, Niftard.
Please explain to the class how the software, which you ignorantly claim “hasn’t been rolled out”, in some faulty implementations - facilitated replay attacks that were successful REGARDLESS of whether the PIN was required or not.
We’ll wait.
All of my cards are chipped. None of them requires a PIN.
Nonetheless, the chipped cards still provide security-related usefulness by, among other features, virtue of the fact that they can't be cloned as easily as mag strip only cards.
Thus the unqualified and "overstated" assertion that without the associated PIN it is useless is demonstrably FALSE.
Quit being rude.
Your deflection does not hide the fact you did not address my previous comment. “The class’ is waiting for your response.....”And unless you are claiming that you are part of the chip IT workers “
Until you answer that you get nothing.
Bye bye
How embarrasing it must be that you're caught in the same "overstating" behavior you're trying to project onto Roger Stone and Alex Jones.
One does not need need to be "part of the chip IT workers" to see that your unqualified and "overstated" assertion that without the associated PIN it is useless is demonstrably FALSE.
Be sure to keep your saliva wet for those stamps in the mail room!
My wife had one. The pic was so fuzzy you couldn’t tell who it was.....................
They need to update it then. :)
The average fee for stop check is $30, ranging from zero at some to $35 at others. Late payment on most credit cards is $35.
Fraudulent charge disputation on cards is not a stop check.
I absolutely agree.
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