Target's CC theft has some calling for Chip n Pin

[rlx01]

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@Anonymous wrote:
When you look at the interest rates charged in other countries you will find the US is competitive to say the least.

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The interest rate charged in other countries has zero to do with banks and competiton, and everything to do with the monetary policies of each central bank.

[enharu]

None of these technologies will really matter if its the merchants systems that are compromised, especially if the merchant did not bother to encrypt and salt all these sensitive data for some unknown reason.....

[Anonymous]

In reading a story on line, I saw where in Britian and Canada Consumers are held more liable for fraud losses so security is of importance to individuals since they may be required to fund some of the loss liablity. As to where you say chip & pin has zero to do with consumer liability and most countries have far stronger consumer protections... hmm the story I read stated otherwise!

[Anonymous]

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@Anonymous wrote:
In reading a story on line, I saw where in Britian and Canada Consumers are held more liable for fraud losses so security is of importance to individuals since they may be required to fund some of the loss liablity. As to where you say chip & pin has zero to do with consumer liability and most countries have far stronger consumer protections... hmm the story I read stated otherwise!

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Yes, bit of both!   Chip&Pin is just a technology, and so doesn't really have to change anything.  But in various places, banks have taken the opportunity to use the enhanced security as a reason for liability shift. the idea being that if the transaction completed with the correct PIN, either the consumer was using the card (despite what they claim) or they were negligent and allowed someone to get hold of the PIN, perhaps by writing it on the back of the card.  This is in contrast to the existing US situation, where usually the consumer isn't liable, and the merchant or bank fight over who eats the cost.

What I don't know is the situation in the US with ATMs.   If someone withdraws from your account using your ATM card and PIN, do the banks give you a hard times.  (And same with debit cards, although I think there are different protections there)

[Anonymous]

longtimelurker - you bring up a really good point. We all know that Debit Card protections are not as strong as Credit Cards. But what's up with Bank ATM's. In my reading (limited as it may be) it seems some folks have scored better with their banks than others. Not sure what the pattern or trend is for who gets the best treatment. Some where on this website I saw a comment credit is like a pool game and that seems to fit. About the time I think a pattern has developed in the industry it is full of more holes than Swiss Cheese. Be interesting to get some feedback on your thoughts.

[Odiseous]

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@Duncanrr wrote:

http://www.foxnews.com/tech/2013/12/23/weak-us-card-security-made-target-juicy-target/?intcmp=trendi...

The recent attack on Target's security system that allowed thiefs to acquire 40 million cc/debt card account's information has some people calling for Chip n Pin (not signature) on all credit cards.  I always thought that Chin n sign was kind of worthless.  Yall's thoughts?

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I think it'll make Coin pretty close to worthless. As well as the other devices that store your CC info, so you don't have to carry your actual CC with you.

[nyancat]

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@enharu wrote:
None of these technologies will really matter if its the merchants systems that are compromised, especially if the merchant did not bother to encrypt and salt all these sensitive data for some unknown reason.....

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Completely and totally incorrect. Sorry to put it so bluntly, but that's what that is.

One - "salting" is irrelevant. Salting is part of one-way hashing of passwords, and has nothing to do with encryption of stripe data. The purpose of salting passwords is because some people will pick the same passwords - salting makes sure the resultant hashes are not the same.

Two - EMV transactions can't be replayed in the manner you describe. All the EMV transaction data can be stolen, and it's completely useless to fraudsters because they cannot replay the transaction that occured - thus a merchant system compromise like Target or URM Stores just doesn't matter in an EMV environment.

[KeithDMA]

The fact that the US hasn't gone to chip & pin doesn't make any sense to me.  Most of this credit card fraud could be eliminated if the chip & pin cards were adopted.  It's coming but it has taken far too long for this country to get on board!

[mxp114]

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@DigitalArk wrote:

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@mxp114 wrote:

Asia? China and Singapore still heavily swipe.

China is heavily chip & pin on their unionpay system. I am in China now for business.

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I was in China and Singapore, a few weeks ago and had no problems using chip-free cards from all four networks. The adoption rates are low compared to Europe, off memory Asia is about 50% of terminals are EMV and 35% of the cards are.

[FinStar]

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@KeithDMA wrote:

The fact that the US hasn't gone to chip & pin doesn't make any sense to me.  Most of this credit card fraud could be eliminated if the chip & pin cards were adopted.  It's coming but it has taken far too long for this country to get on board!

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Not necessarily.  Most technologies can only keep up with so much before a new fraudulent trend pops up.