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

[Duncanrr]

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?

[Anonymous]

Well you can't chip and pin online purchases so.....

There's a reason the U.S. has the strongest consumer protections for credit cards.... In the UK - Not so much. 

I know chip and sig/pin is the HOT thing on this board - but once it comes consumers will have less protections - and people will ALWAYS find something to complain about....

[Anonymous]

The advent of Chip & Pin Technology in the US does not mean a reduction in protections unless Congress or the Federal Agencies change the present laws/rules. What it may mean is a potential reduction in consumer losses saving banks and merchants money. What goes on in other countries does not necessarily transfer to the US. That is why we don't have Chip & Pin (good or bad). When you look at the interest rates charged in other countries you will find the US is competitive to say the least.

[ciscotechnician]

Everywhere else has Chip and Pin Technolody, Europe, Canada, Asia.

American Companys are all about profits and Its too costly to make Chip Enabled Cards and Merchants don't want to upgrade ther machines due to the extra cost.

They rather deal with the fraud because its mostly covered by insurance anyways.

[FinStar]

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@ciscotechnician wrote:

Everywhere else has Chip and Pin Technolody, Europe, Canada, Asia.

American Companys are all about profits and Its too costly to make Chip Enabled Cards and Merchants don't want to upgrade ther machines due to the extra cost.

They rather deal with the fraud because its mostly covered by insurance anyways.

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+1

And, based on the consensus of most banks and a poll by the ABA, it's doubtful any drastic changes would be implemented anytime soon.

[mxp114]

Asia? China and Singapore still heavily swipe. Anyway people can call for new tech but according to various reports, the hackers gained access to encrypted PINs and could use the info to withdraw funds. However I still want to see broader EMV support in the US, so this doesn't change anything for me.

[DigitalArk]

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@mxp114 wrote:

Asia? China and Singapore still heavily swipe. Anyway people can call for new tech but according to various reports, the hackers gained access to encrypted PINs and could use the info to withdraw funds. However I still want to see broader EMV support in the US, so this doesn't change anything for me.

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

[Anonymous]

Heard something of interest. We are aware that US Merchants and banks would need new equipment for Chip & Pin. What I did not know is the cost of a magnetic swipe card is $5 and a Chip & Pin Card is $25. And if I read correctly, by going chip and swipe the banks get a higher swipe fee than chip & pin (lower swipe fee). As has been said, it is certainly about money.

[phillyguy12]

since the target news has broke i have saw a few reports card issuers plan to start the emv roll out in 2015. the cost impact is not isolated just to the card issuers, the merchants have to upgrade their terminals to emv supported readers.a std magnetic reader can go for $50-$100 depening if its encrypted or plain text ,EMV readers go for $180-$350 . EMV acceptance may also require an update of their POS software to support too

[rlx01]

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@Anonymous wrote:

Well you can't chip and pin online purchases so.....

There's a reason the U.S. has the strongest consumer protections for credit cards.... In the UK - Not so much. 

I know chip and sig/pin is the HOT thing on this board - but once it comes consumers will have less protections - and people will ALWAYS find something to complain about....

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I don't know where you're getting your information, but none of that is true. C+P has zero to do with consumer liability, and most countries have far stronger consumer protections than the US. Signatures are absolutely worthless as an authentication mechanism.

As for online. That's the entire point of the CVV2 (3/4 digits on back/front of card). These are not on the mag stripe. Plus various two factor systems like 3D secure/verified by visa exist, though not really used much in the US.