EMV's/Chip & Pin -- Coming soon to every card near you

[jon22guitar]

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@Anonymous wrote:

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@jon22guitar wrote:

 I personally can't wait until Apple Pay is accepted at 80-90% of all merchants. Then I will stop shopping where it isn't accepted! 

On topic: Why in the world does Chip & Signature even exist? It seems worthless security-wise, compared to Chip & PIN, since anyone can forge a signature and cashiers never check signatures or verify your ID.

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The chip is harder to duplicate. The magnetic strip is very easy to copy. Not sure on the technical workings but the magnetic strip is something anyone can learn how to copy with inexpensive materials, while the chip is very hard to duplicate. With chip cards, you can't easily have your card duplicated by a card reader. Now a chip card with a magnetic strip is still vulnerable when you use the magnetic strip. But if you never use the magnetic strip, people can't use a card reader to read and duplicate it. Everytime you use the magnetic strip though, you run the risk it is duplicated. 

Eventually, they will take the strip off the card (not anytime soon) and the risk of duplication will go down. For now chip and signature is better than magnetic strip and signature, but chip and pin (or tokenization like Apple Pay/Google Wallet) is probably the future. 

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I understand Chip v. magnetic strip. I'm asking about Signature v. PIN. 

[Anonymous]

I work for one of the top 4 major banks and its chip and sig for credit cards...chip and pin for debit cards and the deadline is 2015 for chip and pin.

source-our national pricing call this morning although its been mentioned prior and has been in the works for a while. The more secure the better if you ask me and I also like that you can use more cards when travelling because of it. 

[Anonymous]

p.s. apple pay is being released next month - GET EXCITED!!

[nyancat]

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@cflowers0115 wrote:

So we had a merchant meeting at the office and apparently by October of 2015 all credit and debit cards have to move over to EMV/Chip & Pin, or they take the liability for all fraudulent transactions. Merchant and card companies are slowly beginning to scramble. Not sure if anyone else knew of this, but that meeting was the first I heard of the new requirements. Thought if anybody would find this interesting, it's this forum. 

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Nope, no requirement for chip and PIN on Visa. MC/Amex/Discover KINDA do, but the main requirement is just for chip.

[Anonymous]

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@Anonymous wrote:

p.s. apple pay is being released next month - GET EXCITED!!

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It is already live - http://www.macworld.com/article/2836081/ios-8-1-arrives-which-means-apple-pay-is-live.html

And google wallet has been around for a while. I have not used either yet. Don't have an NFC enabled smartphone, though I will next time I upgrade in a year or so. 

[Anonymous]

would you just type your PIN online when making a purchase on things like Amazon?

[nyancat]

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@Anonymous wrote:

would you just type your PIN online when making a purchase on things like Amazon?

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No, it needs to be an EMV approved PIN entry device for chip and PIN. Online, nothing changes. That's what 3-D Secure is for... if it ever catches on in the US.

[Anonymous]

for online shopping mastercard and visa offers extra security measure, such as verified by visa, my credit union offers that on their debit cards.

https://www.securesuite.net/efunds/registration/welcome.jsp?partner=1321173674CUSAPRC062

[Anonymous]

I can't believe no one brought up paying someone with a square with a no mag stripe card, chip only card......gonna have to type it in or the square is gonna get a hell of a lot bigger.

[nyancat]

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@Anonymous wrote:
I can't believe no one brought up paying someone with a square with a no mag stripe card, chip only card......gonna have to type it in or the square is gonna get a hell of a lot bigger.

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Not a hell of a lot bigger. Slightly thicker. http://squareup.com/EMV