hidesertwheelin
Adventurist
Card number was just stolen for the 4th time since I got this stupid chip equipped card in September. Tried to charge over $1700.
I hate the stupid chip cards. Another reason for me to use cash money![]()
Today, if an in-store transaction is conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction fall back on the payment processor or issuing bank, depending on the card's terms and conditions.
Following an Oct. 1, 2015 deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud shifted to whichever party is the least EMV-compliant in a fraudulent transaction.
Consider the example of a financial institution that issues a chip card used at a merchant that has not changed its system to accept chip technology. This allows a counterfeit card to be successfully used.
"The cost of the fraud will fall back on the merchant," Ferenczi says.
The change is intended to help bring the entire payment industry on board with EMV by encouraging compliance to avoid liability costs.
Today, any parties not EMV-ready could face much higher costs in the event of a large data breach.
Read more: http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php#ixzz45ltBwb4Q
I dunno... it doesn't seem too terribly inconvenient, but then again I'm an old timer, I'll just spend the time boring the clerk with amazing stories from my youth or show them pictures of the kids.Why does it take so long to process payment using the chip? I know it's only an extra minute but waiting for it to read takes so long.....
Sent from my SM-N910T using Tapatalk
I couldn't agree more.. I'm going to go put on my tin foil.My personal card has made the switch to the chip and I absolutely LOVE it. It makes transactions at retailers take twice as long, I have to ask most retailers if they're using the chip system or not which takes additional time and at several locations the chip system has malfunctioned. All of this has me shying away from using it which is saving me tons of money!
My business card sees about $10k a month in use and luckily hasn't changed over yet...but it expires in August so my time is coming. I guess that will just mean less expense reports for me since it makes it such a pain in the ass to use.
This is just a stepping stone to biometric chip implants and a one world government. [Tinfoil hat tightens]
The very first time I used the new secure chipped Visa the number was stolen.![]()
Those are cool but I'm afraid they wouldn't fit correctly in my credit card slots in my wallet. Knock on wood I've never had an issue with credit card theft.
I hate the stupid chip cards. Another reason for me to use cash money![]()