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The credit card companies are making billions in profit. One way of increasing the profit is by using 40 year old technology like magnetic strips instead of upg
by wahlis 13y ago
The credit card companies are making billions in profit. One way of increasing the profit is by using 40 year old technology like magnetic strips instead of upgrading the hardware. 45 million may sound like much, but it's much cheaper than ensuring that every credit card reader in the world only uses chip readers.
I am sure that the crew here att HN could come up with 50 better solutions to security than the magnetic strip and a string of numbers.
- wmf 13y agoBTW, Visa and MC are rolling out EMV smart cards in the US by 2015. Presumably they have preferred to invest in server-side anti-fraud up to this point.
- muhfuhkuh 13y agoI thought that little SIM chip in my Visa Debit card from my Credit Union here in the States was just for show until I was forced to use it everywhere I went in Vancouver, Canada. I guess they've either been stung enough by fraud up there that they switched over from stripes, or they're just a bit more forward thinking than we are.