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October 2015: The End of the Swipe-and-Sign Credit Card
Posted on 2/7/14 at 9:25 am
Posted on 2/7/14 at 9:25 am
Pretty welcome change. Moving from a strip to chip will make mobile device payments in the US more feasible hopefully.
LINK
quote:
Beginning later next year, you will stop signing those credit card receipts. Instead, you will insert your card into a slot and enter a PIN number, just like people do in much of the rest of the world. The U.S. is the last major market to still use the old-fashioned signature system, and it’s a big reason why almost half the world’s credit card fraud happens in America, despite the country being home to about a quarter of all credit card transactions.
quote:
So if a merchant is still using the old system, they can still run a transaction with a swipe and a signature. But they will be liable for any fraudulent transactions if the customer has a chip card. And the same goes the other way – if the merchant has a new terminal, but the bank hasn’t issued a chip and PIN card to the customer, the bank would be liable.
The key point of a liability shift is not actually to shift liability around the market. It’s to create co-ordination in the market, so you have issuers and merchants investing in the migration at the same time. This way, we’re not shifting fraud around within the system; we’re driving fraud out of the system.
LINK
Posted on 2/7/14 at 12:35 pm to ZereauxSum
What about online purchasing?
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