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Chase United Club getting EMV chips

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Valued Contributor

Re: Chase United Club getting EMV chips


TheConductor wrote:

Meanwhile, all these Chip+Signature cards coming out are just priming the pump.  They are only marginally more secure than magnetic stripes, with the only advantage being that the equipment to clone them is more expensive.  But they get chips in the hands of consumers, and begin building popular familiarity with the technology.  It's no accident that they're coming to top-tier cards first, because exclusivity is one way to convince the have-nots that something is worth having.

 

The real change is coming in October 2015, when the majority of the fraud liability for magnetic stripe transactions shifts from issuers to merchants, who will suddenly find themselves highly motivated to switch to Chip+Pin POS systems.  Until mid-2015, I expect we'll continue to see more and more Chip+Sig cards, and very few Chip+Pin.

 

And until then, my reaction to yet another Chip+Sig card is pretty much "Meh."

 

The real profit for all of us will come when Chip+Pin adoption becomes widespread, and credit card fraud accordihngly becomes much less common. 


They are not marginally more difficult to clone. They can't be cloned in any practical sense. There are no cases I've heard of where even one EMV chipped card was cloned with one exception. The magnetic stripe can be cloned in the same way as a regular card. These cloned cards can be used as swipe-only cards. The security inherent in EMV chips doesn't help swipe fraud.

 

Because of backward compatibility it will take a long time before the mag strip is removed and people will be required to use EMV chiped cards, either PINed or Signed. I expect a period of time where customers that only have mag striped cards will have to provide addition ID and merchants will be pushed to adopt EMV with some sort of risk shift from the banks to the merchants for those that accept mag swiped transactions.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 81 of 83
Regular Contributor

Re: Chase United Club getting EMV chips


cashnocredit wrote:

TheConductor wrote:

Meanwhile, all these Chip+Signature cards coming out are just priming the pump.  They are only marginally more secure than magnetic stripes, with the only advantage being that the equipment to clone them is more expensive.  But they get chips in the hands of consumers, and begin building popular familiarity with the technology.  It's no accident that they're coming to top-tier cards first, because exclusivity is one way to convince the have-nots that something is worth having.

 

The real change is coming in October 2015, when the majority of the fraud liability for magnetic stripe transactions shifts from issuers to merchants, who will suddenly find themselves highly motivated to switch to Chip+Pin POS systems.  Until mid-2015, I expect we'll continue to see more and more Chip+Sig cards, and very few Chip+Pin.

 

And until then, my reaction to yet another Chip+Sig card is pretty much "Meh."

 

The real profit for all of us will come when Chip+Pin adoption becomes widespread, and credit card fraud accordihngly becomes much less common. 


They are not marginally more difficult to clone. They can't be cloned in any practical sense. There are no cases I've heard of where even one EMV chipped card was cloned


You're buying the EMV consortium's propoganda.  There are a number of deficenies in the cryptographic system that EMV uses, and there are seriously bad terminals about, which are open to other forms of abuse.  There are all sorts of cases where it's clear that the chip and pin system has been compromised.  Yes, it's much harder than copying a magnetic stripe, but it's nowhere near impossible. 

 

 

Message 82 of 83
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Re: Chase United Club getting EMV chips

 

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