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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?
Posted on 2/7/14 at 2:53 pm to Boh
That should still work the same. You'd still get a card number and expiration date. The only difference is that when you use it, the terminal reads a chip rather than the metallic strip on the back.
It's supposed to be more secure, which could be true but I'm interested to see this pave the way for mobile payments in the US.
It's supposed to be more secure, which could be true but I'm interested to see this pave the way for mobile payments in the US.
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