CHIP & PIN Credit cards
#16
Re: CHIP & PIN Credit cards
Wells Fargo just told me that microchip cards are available only for credit cards, not for debit cards.
#18
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: CHIP & PIN Credit cards
I've read that as well, but this recent report cited by Forbes puts the fraud at $190 Billion/year which surely must dwarf the costs of retailers putting in new technology.
http://www.forbes.com/sites/haydnsha...more-on-jumio/
http://www.forbes.com/sites/haydnsha...more-on-jumio/
#19
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: CHIP & PIN Credit cards
There are 2 types of EMV cards - Chip & PIN and Chip & Signature with the latter the more common in the US. However, Chip & PIN cards are definitely coming to the US. In fact, we've had Chip & PIN cards from Andrews Federal Credit Union for a couple of years now. My daughters took theirs to the UK and continental Europe a couple of summers ago and the cards worked very well.
https://www.andrewsfcu.org/credit_ca...k_rewards.html
Citing cost as a reason for not switching to EMV is just nonsense as the data breach at Target and others proves. Non-EMV transactions are much more vulnerable to fraud and consumers are not going to put up with the hassle of dealing with non-EMV fraud if EMV cards are available that will greatly reduce that threat.
In fact, the major US credit card companies (Visa, Mastercard, Amex and Discover) are implementing a "fraud liability shift" effective October 2015. So if a consumer's EMV card is used fraudulently, the liability will shift to the merchant if the merchant did not upgrade to EMV technology. So merchants will have a very big incentive to upgrade.
http://creditcardforum.com/blog/chip...dit-cards-usa/
https://www.andrewsfcu.org/credit_ca...k_rewards.html
Citing cost as a reason for not switching to EMV is just nonsense as the data breach at Target and others proves. Non-EMV transactions are much more vulnerable to fraud and consumers are not going to put up with the hassle of dealing with non-EMV fraud if EMV cards are available that will greatly reduce that threat.
In fact, the major US credit card companies (Visa, Mastercard, Amex and Discover) are implementing a "fraud liability shift" effective October 2015. So if a consumer's EMV card is used fraudulently, the liability will shift to the merchant if the merchant did not upgrade to EMV technology. So merchants will have a very big incentive to upgrade.
http://creditcardforum.com/blog/chip...dit-cards-usa/
#20
Banned
Joined: Apr 2013
Posts: 5,154
Re: CHIP & PIN Credit cards
How would EMV at Target have prevented their security breach? I don't believe for one second implementing EMV would have prevented the fraud that occurred. By all accounts it looks like an inside job.
#21
Just Joined
Joined: Mar 2014
Posts: 2
Re: CHIP & PIN Credit cards
I've had chip & pin from AMEX from a while now, no problems here
#22
Banned
Joined: Apr 2013
Posts: 5,154
Re: CHIP & PIN Credit cards
I heard AMEX were introducing C&P, but I haven't seen anything come from this. AMEX still list C&S: http://chipandsignature.americanexpress.com/
So which do you really have?
So which do you really have?
#23
BE Forum Addict
Thread Starter
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,148
Re: CHIP & PIN Credit cards
I heard AMEX were introducing C&P, but I haven't seen anything come from this. AMEX still list C&S: http://chipandsignature.americanexpress.com/
So which do you really have?
So which do you really have?
#26
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: CHIP & PIN Credit cards
This is a good article on what EMV can and can't do:
http://files.firstdata.com/downloads...ization-WP.PDF
As you can see, there is room for further improvement.
Last edited by MarylandNed; Mar 31st 2014 at 5:50 pm.
#27
Re: CHIP & PIN Credit cards
Oddity over the weekend. Actually saw a chip and pin machine here in Phoenix.
My parents are in town visiting and wanted to get some plants for our garden so we went to the local independent garden center. There on their rickety wooden counter sat a chip and pin machine, she put in my dad's Barclaycard (British issued), he put in his pin and boom it approved the transaction and out came a receipt.
We were all shocked.
My parents are in town visiting and wanted to get some plants for our garden so we went to the local independent garden center. There on their rickety wooden counter sat a chip and pin machine, she put in my dad's Barclaycard (British issued), he put in his pin and boom it approved the transaction and out came a receipt.
We were all shocked.
#28
BE Enthusiast
Joined: Mar 2010
Posts: 478
Re: CHIP & PIN Credit cards
Are you guys with chip and signature sure you don't have a chip+pin and signature? I don't know how the chip will be useful without the pin, the standard chip machines all require entry of a pin (maybe not those fancy Starbucks ones, but the Sainsburys type machines).
It used to be that my bank would give you a PIN for your normal signature credit card if you asked for it, but didn't automatically, because usually people didn't need it. Perhaps it's the same with the "chip and signature" cards, the chip is there in case you want to use it that way, but if you do you have to ask to have the pin set.
Hungry Horace can you explain more clearly what you're trying to say? Are you saying my card doesn't have a pin (it does) or just that I'm using the phrase "chip and pin" when I should be using "chip and signature" to describe a card with chip and pin and signature capabilities?
It used to be that my bank would give you a PIN for your normal signature credit card if you asked for it, but didn't automatically, because usually people didn't need it. Perhaps it's the same with the "chip and signature" cards, the chip is there in case you want to use it that way, but if you do you have to ask to have the pin set.
Hungry Horace can you explain more clearly what you're trying to say? Are you saying my card doesn't have a pin (it does) or just that I'm using the phrase "chip and pin" when I should be using "chip and signature" to describe a card with chip and pin and signature capabilities?
Last edited by Jscl; Mar 31st 2014 at 5:54 pm. Reason: confused by Hungry Horace
#29
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: CHIP & PIN Credit cards
Oddity over the weekend. Actually saw a chip and pin machine here in Phoenix.
My parents are in town visiting and wanted to get some plants for our garden so we went to the local independent garden center. There on their rickety wooden counter sat a chip and pin machine, she put in my dad's Barclaycard (British issued), he put in his pin and boom it approved the transaction and out came a receipt.
We were all shocked.
My parents are in town visiting and wanted to get some plants for our garden so we went to the local independent garden center. There on their rickety wooden counter sat a chip and pin machine, she put in my dad's Barclaycard (British issued), he put in his pin and boom it approved the transaction and out came a receipt.
We were all shocked.
#30
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: CHIP & PIN Credit cards
Are you guys with chip and signature sure you don't have a chip+pin and signature? I don't know how the chip will be useful without the pin, the standard chip machines all require entry of a pin (maybe not those fancy Starbucks ones, but the Sainsburys type machines).
It used to be that my bank would give you a PIN for your normal signature credit card if you asked for it, but didn't automatically, because usually people didn't need it. Perhaps it's the same with the "chip and signature" cards, the chip is there in case you want to use it that way, but if you do you have to ask to have the pin set.
Hungry Horace can you explain more clearly what you're trying to say? Are you saying my card doesn't have a pin (it does) or just that I'm using the phrase "chip and pin" when I should be using "chip and signature" to describe a card with chip and pin and signature capabilities?
It used to be that my bank would give you a PIN for your normal signature credit card if you asked for it, but didn't automatically, because usually people didn't need it. Perhaps it's the same with the "chip and signature" cards, the chip is there in case you want to use it that way, but if you do you have to ask to have the pin set.
Hungry Horace can you explain more clearly what you're trying to say? Are you saying my card doesn't have a pin (it does) or just that I'm using the phrase "chip and pin" when I should be using "chip and signature" to describe a card with chip and pin and signature capabilities?
http://www.cardhub.com/edu/chip-and-...and-signature/