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In the last couple weeks, two of the major banks I have credit and debit cards with have forced me to cancel the old cards to 'upgrade' to their chip cards. Asi
by orthoganol 11y ago
In the last couple weeks, two of the major banks I have credit and debit cards with have forced me to cancel the old cards to 'upgrade' to their chip cards. Aside from the incredible annoyingness and inconvenience of dealing with their forced measures, does anyone have any insights on why they are doing this, and now? I don't feel good about it, and it makes me want to move banks.
- unabridged 11y agoAfter Oct 1st 2015, whichever side that has not upgraded to chip (bank or merchant) eats the cost of any fraud. As more retailers upgrade, the risk for the bank's who haven't upgraded grows.
- Terribledactyl 11y agoPresuming you are US based, https://en.wikipedia.org/wiki/EMV#United_States https://en.wikipedia.org/wiki/EMV#United_States POS // Retailers are having fraud and liability shifts forced on them from the payment networks and banks. If a POS // Retailer accepts a fraudulent swipe, they eat the bill now, fraudulent chip purchase (much harder), bank pays.
- CyberDildonics 11y agoThat was always the case. The real question is why did it take the US a decade longer to do poorly what the rest of the world has been doing effortlessly.
- peteretep 11y ago> does anyone have any insights on why they are doing > this, and now Because it cuts shop fraud down to essentially zero, and the rest of the developed world have been using it for long enough to be embarassing that the Americans aren't?