re: Credit Card Chip system. Or not?

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Consumers got caught up in a battle between card issuers and vendors. It pretty much is useless at the consumer level. How many fraudulent charges are made in card present transactions with fake cards? Answer, not many.

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Actually this happens way more than you'd think, especially in big box type stores. When it does it's rarely a small amount of money. A lot of the cards are business accounts, it could be used by multiple people and large purchases are a normal occurrence. The chips make it several times harder to make a useable fake card.

Oh yeah, I forgot about Target. Now that I think about it, I think Best Buy uses it too. I guess around here it's mostly just the huge national/muiti-national companies that are using them.

The code on your chip changes every time it is used fwiw.

Hate them.
Takes 5X the time to use chip instead of swipe.

I'm just happy that when I go to a foreign country, the poor workers don't have to rummage through a back closet to find a 56k modem and a card swiper.

I'd say most of the places I go now make me use the chip. Because it's such a pain in the arse (stick it in, wait) I've started finding my self using Apple Pay when I can.

We still need to start using a pin # to validate the purchase rather than a signature. A signature is BS security.

Very few places here don't have the chip reader. Which sucks because the chip is much slower than swiping.

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Tons of retailers don't want to invest because the credit card companies themselves absorb most of the fraud.

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Not any more. if your bank issues you a credit card with a chip in it and the merchant has you swipe instead of chip read, the merchant, not the bank, is responsible for any fraud activity. its a big liability intended to force the merchants to accept the higher security of chipping.

Not 100 percent sure, but if fraud happens with your card in such a situation, the merchant may or may not honor any fraud coverage like the bank would.