I don't understand how this is any different from, say, Europe, Canada,
Australia etc where there was also a massive credit card infrastructure
in place, and where they managed to make the transition quite happily
(primarily driven by the banks in the UK at least).
Paul
On 02/04/15 10:59, Ryan DeShone wrote:
In the US, it's very much a chicken and egg type of situation. We have
massive Credit Card infrastructure in place and for years it has been
a matter of merchants saying "no one has chip and pin cards, why do we
need the readers?" while banks said "no merchants have chip and pin
readers, why should we issue more expensive chip and pin cards?" Of
course, this will all be changing as, by my understanding, both Visa
and MasterCard are changing their terms of use such that merchants
will be liable for all fraudulent purchases if they are not set up to
accept chip and pin after this year, IIRC. I've seen more chip and pin
readers in my area in the last 3 months than I have in the rest of my
life. Perhaps now that the readers are rolling out, banks will finally
suck it up and start issuing chip and pin cards....
On Wed, Feb 4, 2015 at 1:43 PM, Allan Irving
<allanirv...@allanirving.co.uk <mailto:allanirv...@allanirving.co.uk>>
wrote:
The U.S. payment industry is significantly behind. If the
transaction was done online, I can assure you they did not know
your PIN but your security code which could be due to a leaked
database of details.
Chip + PIN is one of the safest ways to use a card. It requires
something you have and something you know. A card used online does
not require physical ownership of the card.
From what I know, America still hasn't really utilised many Chip +
Pin machines and still just swipe a card. The attack vectors are
huge and until the big banks are willing to issue chip and pin
cards and or supply merchants with machines collectively, card
fraud will remain high.
The problem with the U.S. is that fraudelent charges could be
claimed by someone when they have in fact made tht charge. In the
UK, chip and pin without being a victim of crime usually points to
BS. There are extreme cases, but that's the 1% not the 99%.
Online card transactions have always been disputed wrongly by
customers but there's often a card issuer can do but refund due to
the fact they are jointly liable by law.
Chip and pin makes it easier for vendors to trust customers and
protects them ultimately. Their POS supplier usually will offer
insurabce services with the rental and commision fees. Much like
PayPal.
Why the U.S. has not adopted this globally, I don't know. In fact,
NONE of my cards will work offline / bring swiped. They need to
talk to the banks systems to work / verify the transaction. This
is true for most people in the UK. That's why your train ticket
purchase was declined most likely.
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