The chip card is a step up from the magnetic strip. As I understand it the strip has one embedded code. This code can be copied easily with skimmers, etc. A chip card generates a new code with every use which makes it nearly impossible (operative word is nearly) to be copied by skimmers and other means. The additional benefit of having improved security is worth it - besides, its free to the user. There really isn't a negative. There is NO change to your liability -- read your CC fine print. Travelling internationally is not the issue here, security is. I don't understand the reluctance. Cards in Canada have both chip and mag strip for compatibility but it was remarkable how quickly the roll out of chips happened. Now it is rare not to find a chip enabled reader except in the smallest of stores. Magnetic strip is '70s technology that will die a very quick death once everyone gets on board.
NFC can be useful as well, I have a couple of cards with that but I am not a big user of such. They are generally used for low value (<$100) transactions.
Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
+1 on the international travel. It sucks having a swipe card in Europe. It would be even nicer if the US EMV issuers did away with chip + sig and went straight for chip + PIN. The problem though is that countries like Australia, New Zealand and Mexico are using chip + sig, whereas Europe and Asia, especially Western Europe (the United Kingdom) are using chip + PIN. Therefore, US banks that want to support international travel are trying to support both, and many chip + PIN readers in Europe will work with chip + sig as a backup. This doesn't mean that a UK merchant expects it, or has a pen, but the transaction will at least go through. This is a major problem on UK self-checkouts as it puts a hold on the purchase until a cashier leaves his/her register and approves the signature.
What the world needs is for all countries to pick a globally accepted transaction method and stick to it.
EX:694 TU:744 EQ:777
@DaveSignal wrote:+1 on the international travel. It sucks having a swipe card in Europe. It would be even nicer if the US EMV issuers did away with chip + sig and went straight for chip + PIN. The problem though is that countries like Australia, New Zealand and Mexico are using chip + sig, whereas Europe and Asia, especially Western Europe (the United Kingdom) are using chip + PIN. Therefore, US banks that want to support international travel are trying to support both, and many chip + PIN readers in Europe will work with chip + sig as a backup. This doesn't mean that a UK merchant expects it, or has a pen, but the transaction will at least go through. This is a major problem on UK self-checkouts as it puts a hold on the purchase until a cashier leaves his/her register and approves the signature.
What the world needs is for all countries to pick a globally accepted transaction method and stick to it.
+1
bobebob wrote:
International travel is only an issue in the sense that the US doesn't have the upgrades to to support widespread use of the chipped cards. What good does having the card do if none of the retailers you need to use it at can read the chip.
The old chicken and the egg story. I think you will be surprised how quickly this will spread. Now that issuers are beginning to send out cards the readers won't be far behind. Soon they won't even be asking you if you want to upgrade to the emv chip, it will come automatically. I give it 2 years for the turnover. Unless of course the US is a laggard like they are with the metric system.
@bribro wrote:
@bobebob wrote:
@Roarmeister wrote:The chip card is a step up from the magnetic strip. As I understand it the strip has one embedded code. This code can be copied easily with skimmers, etc. A chip card generates a new code with every use which makes it nearly impossible (operative word is nearly) to be copied by skimmers and other means. The additional benefit of having improved security is worth it - besides, its free to the user. There really isn't a negative. There is NO change to your liability -- read your CC fine print. Travelling internationally is not the issue here, security is. I don't understand the reluctance. Cards in Canada have both chip and mag strip for compatibility but it was remarkable how quickly the roll out of chips happened. Now it is rare not to find a chip enabled reader except in the smallest of stores. Magnetic strip is '70s technology that will die a very quick death once everyone gets on board.
NFC can be useful as well, I have a couple of cards with that but I am not a big user of such. They are generally used for low value (<$100) transactions.
From what I have read, there may be a change in liability in the case of the Chip and Pin transactions. I.E. if someone uses your PIN it may be assumed that they are either you, or have your permission to use your card. You would then be liable for the transaction.
International travel is only an issue in the sense that the US doesn't have the upgrades to to support widespread use of the chipped cards. What good does having the card do if none of the retailers you need to use it at can read the chip.
I have read this as well - since it's so much harder to commit fraud with a Chip & PIN setup, the onus is on your to prove that a charge was fraudulent (instead of the merchant proving that it was NOT). Not sure if this is entirely accurate though.
I fail to see how making people more accountable for their actions, and reducing the amount of fraud which plagues our economy, is in any way a bad thing 
.
I really couldn't care less if it's more difficult for me to prove that a charge was fraudulent; lenders are so zealously chasing such things and catching me with legitimate uses of my card as potential fraud, I'm doubtful there's much increased risk of having to prove a charge wasn't mine.
