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They are not moving to chip and pin, but chip and signature: very different. Now, the internet being a bigger share of retail every year, chip and pin is not a
by hibikir 10y ago
They are not moving to chip and pin, but chip and signature: very different.
Now, the internet being a bigger share of retail every year, chip and pin is not an improvement: what we need is 2FA across the board. You have my CC number? Great. Without my 2FA secret, you won't be able to charge me anyway.
This 2FA beats a pin, and would make payment fraud so much smaller, it'd become a minor thing, but good luck finding a bank in the US offering such feature for all charges.
- cpncrunch 10y ago>They are not moving to chip and pin, but chip and signature: very different. No, that's not quite true. They are moving to chip+pin, but some card issuers are not currently issuing PINs. However the machines themselves fully support chip+pin (and I can confirm this, as most places in the USA now require me to enter a PIN for my card). http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php http://www.creditcards.com/credit-card-news/emv-faq-chip-car...
- drewg123 10y agoAnd even if you want a PIN for your card, the credit card company doesn't know how to give it to you. Last summer, before I went to a conference in Canada, I called all 3 of my credit cards's customer service departments trying to get a PIN (American Express, Discover, MasterCard), and none of them would issue a PIN for my chip'ed card. I don't think any of the CSRs even knew what I was talking about. One even told me that PIN's were "just for debit cards". Sigh.
- kevin_thibedeau 10y agoI use a debit card with a pin and some retailers still do a signature transaction for me without any choice.
- Symbiote 10y agoSome European banks implement that second factor, although most commonly using an SMS or phone call. Mine only does it when the transaction is large, or unusual. I get a call asking me to confirm the transaction. Maybe they ask some other information, I can't remember.
- aianus 10y agoThat sounds awful, how would I use my card when I'm traveling abroad if it's trying to send SMS's to my home SIM card?
- sangnoir 10y agoIt's been easy for me - I call my bank ahead of time and tell them where I'll be going,the duration of my stay and my number while I'm there. They usually ask for a backup number just in case I'm not reachable.
- aianus 10y agoHow do you know your number while you're there before you get there and buy a local SIM?
- Symbiote 10y agoI've only had it happen for over-the-phone purchases, and when using a debit card to transfer about £5000 via TransferWise. I haven't been to the USA for a while, and most other countries have a working (not new) Chip+PIN system, but I assume magstripe transactions would be considered higher risk too.