Where are the chip cards - retailers and banks screwing around
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I've received all my chip cards, but Jeebizz is quite correct.
Chip cards are another manifestation of security theatre. They provide a comfortable illusion of security, much like the TSA.
Chip cards are designed to protect the banks, not their users. The U. S. needs to catch up with the rest of the word and use card-and-PIN, but the banks don't want to bear the expense.
I don't use debit cards either (except at the ATM--cashpoint in the UK), but all my credit cards, as well as the debit card, have been replaced with chip cards.
I'm more worried about that most ATMs are still using WindowsXP and only requiring 4-digits PINs. And as far as the chips go, there are still many many retailers who still don't accept them.
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Quote:
Originally Posted by replica9000
I'm more worried about that most ATMs are still using WindowsXP and only requiring 4-digits PINs. And as far as the chips go, there are still many many retailers who still don't accept them.
The chip cards still have a "strip" on the backside and can be swiped like the first generation cards.
The equipment is quite expensive, for a small retailer, so I can see why they are reluntant, but the credit/debt card processors are forcing the retailers to upgrade by slowly making the retailers' older terminals "obsolete." Credit/debit card processing is an unregulated business and the small retailers get taken advantage of by the processors at every possible opportunity.
It is to the advantage of the retailer to accept credit/cards, but I can't blame the small shops that hang a "cash only" sign in the window.
I do not like the chip cards because in most retail stores a PIN number is not required after the card has been inserted and the transaction just takes place!! I only use the card in stores where I have never had a problem!! I go to the bank and get cash otherwise!! The machines are too easily tampered with for my taste!!
I'm more worried about that most ATMs are still using WindowsXP and only requiring 4-digits PINs. And as far as the chips go, there are still many many retailers who still don't accept them.
This gives a total number of possible combinations as 10^4 = 10000
I like to carry a bit of cash also, but it has nothing to do with trusting or distrusting payment terminals. I know I wouldn't be able to keep track of a bunch of one and two dollar debit purchases of cups of coffee and snacks and would be overdrawn in a heartbeat.
When I watch persons pull out their debit cards at the local convenience store, I always wonder whether they do the resulting bookwork.
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As I've mentioned before, it is to the merchant's benefit, even after all the charges from the card processor, to take credit/debit cards. I've seen data that suggests a merchant will see anywhere from a 20 to 30 percent increase in their gross sales once they start taking plastic.
However, the last time I ran the figures, the cost of taking a debit card on a small transaction is such that if I were a merchant each debit card transaction would have to be at least $15.00. Anything less and the merchant is giving away his profit and is only taking the cards to provide a "service." There are some special deals where if the monthly volume adds up a certain amount there are discounts and, of course, the huge retails chains get "deals" with the card processors that the mom and pop stores will never see.
Last edited by cwizardone; 10-24-2016 at 08:38 AM.
Reason: Typo.
I find it odd how people are so adamant about things. One person will say that they "never" carry cash and some of that type may have a lot to say in jest about people who do. Meanwhile another person will say that they "always" use case for everything and never order anything online. I tend to agree that paying for $1.50 charges for coffee or something using a credit or debit card is funny, sort of a why bother type of situation. Meanwhile it sometimes amazes that the person ringing it up can't properly count change.
A lot of the retailers near me are taking the chip now, in fact all that I use.
Oddly I discovered something about myself. Had a fraud occurrence, which was detected by the text messaging guardian server that protects my card. They declined a Panamanian attempt, I confirmed it was not me, my card was cancelled and replaced. So I check my account and I pretty much use like a total of about 4 point of sale locations and that's about it. Just prior to the fraud I used my card once with a new merchant. Interesting. Sort of cynical though, I know it can come from nearly anywhere.
If someone uses your credit/debit card number fraudulently, the question naturally occurs.
How did they get my card number when I have the card in my possession?
One way would be at restaurants where many take your card to the back.
Simple matter of copying the number down and making a counterfeit card.
Getting a pin number would be more difficult in the case of a debit card.
Going to a six or 8 digit pin number PLUS requiring it for both debit and credit card purchases would make fraud practically impossible except for bozos who use 12345678 as their pin number. :-)
Interesting fact: John Sheppard-Barron, inventor of the ATM, rejected the proposed use of 6-digit PINs due to his wife unable to remember more than a 4-digit PIN.
Also, 95% of ATMs still use WindowsXP. I know M$ stopped supporting XP 2 years ago, at least for consumers.
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