7 ms·
That’s very US centric. In every other place except America, credit card issuers mandate the use EMV’s and pin codes.
by i386 6y ago
That’s very US centric. In every other place except America, credit card issuers mandate the use EMV’s and pin codes.
- AlphaSite 6y agoI think most us cards have chips, but no pins. It’s bizarre.
- johncolanduoni 6y agoI used to think the same thing, but it turns out it actually makes sense (at least in the US): the vast majority of credit card fraud is counterfeit cards, not stolen cards. Requiring a chip which can’t be counterfeited from a list of lifted CC numbers (and sometimes track codes) solves most of the problem as far as card present purchases are concerned. That and shifting more liability to merchants if they don’t support chip readers.
- imtringued 6y agoYou can't skim the chip but you can trivially intercept the PIN.
- seppel 6y agoMy card has a PIN but the PIN is actually quite dangerous. If someone gets my PIN, then it fraudulent transactions become my problem. Whereas a stolen credit card number is a problem for the bank or the merchant.
- mrjin 6y agoPIN is not going to help you as transactions made with PIN will be deemed made by you and you are most likely going to cover the loss if fraud did happen.
- withinboredom 6y agoMy bank has programmable pins. So one pin goes to account X, and the other goes to account Y. It's super handy when travelling so we can have our "per diem" attached to one pin, and then have another pin for things that would fall outside of that purpose.
- ViViDboarder 6y agoHow does that chip work online? As far as I know, CCs around the world still depend on numbers. For what it’s worth, in the US, chip is pretty much everywhere. Main difference is that it’s chip and signature vs chip and pin. I wish we’d switch to pins as well, but it’s not like it’s the dark ages or anything.
- hrktb 6y agoYou need a 2FA style confirmation code for online transactions.
- Hamuko 6y agoYeah, I actually need to login to my online bank to confirm most of my online Visa transactions (at least for the first time with a particular merchant).
- xfer 6y agoIt's called 3D Secure and requires a PIN to verify transaction(typically with SMS), or a security device provided by bank.
- franga2000 6y agoExcept that 3D Secure is opt-in by the merchant. All you need to do is find a web store that is more than 2 years old and you can use stolen/skimmed cards all day long.
- virgilp 6y ago... at the risk of the store. The card holder just goes to the bank, says "I didn't do those transactions!" and gets all money back.
- franga2000 6y agoThat's how it works for all credit card fraud. But do they treat 3D Secure transactions any differently?
- vinay427 6y agoAt least in the US, to be fair, they don't really take your money but rather the bank's money. Credit cards tend to be much more lenient and generous with fraud protection (among other benefits) in the US than in some other countries in which I've had cards.
- hocuspocus 6y agoThey're lenient because they have to, and are paid to. Fraud is high and so are transaction fees. And anecdotally, I cannot speak for the entire world, but European banks have no problem disputing fraudulent charges that happen overseas.
- mrjin 6y agoEMV is good, PIN is NOT
- swebs 6y agoI believe you can make transactions up to 50 euros with the magnetic strip.