We do have chip technology, it is called BLINK. We only need to use a pin for cash advances. I have declined this technology for several years because it is easier to steel your info by a crook passing a handheld device near your wallet in a crowded place. You can Google blink technology to see a video. Thanks for your info!
Life is simple...
It is people who make it difficult!
I believe most of the cost is associated at the retail level. Requiring retailers to update there machines and processing capabilities.
Visa has put it on most all of their cards already. It is up to the stores/merchants to offer a system to pay that way. Many have it already like Wal-Mart, some McDonalds etc. What your bank does not tell you is that you have the right to refuse this technology. Watch a video and see why it is so dangerous to have.
"There is a way to protect blink cards from giving out their information to unauthorized terminals, either accidentally or due to criminal activity. If the card is placed in a sleeve lined with metal, it will not function. If contactless credit cards become popular, expect to see "RFID blocking" wallets and purses on the market."
http://www.popularmechanics.com/tech...how-to/4206464
Respectfully,
Lido
Last edited by Lido; 04-29-2014 at 03:31 PM.
It is people who make it difficult!
Lido, I think you may be confusing RFID technology and Smart Card technology. RFID technology has been available and allows for swipe-less transactions (Hold your card to a reader). Smart card technology uses encryption information and other data that is stored in memory on the card (just like a SIM card). The smart card technology does not transmit any data at all. It simply replaces the magnetic strip used in today's cards with a "smart chip" with a small amount of storage and the ability to process a small amount of data (think SIM). Here's a little more on the subject:
Smart Cards
*The "smart" credit card is an innovative application that involves all aspects of cryptography (secret codes), not just the authentication. A smart card has a microprocessor built into the card itself. Cryptography is essential to the functioning of these cards in several ways:
- The user must corroborate his identity to the card each time a transaction is made, in much the same way that a PIN is used with an ATM.
- The card and the card reader execute a sequence of encrypted sign/countersign-like exchanges to verify that each is dealing with a legitimate counterpart.
- Once this has been established, the transaction itself is carried out in encrypted form to prevent anyone, including the cardholder or the merchant whose card reader is involved, from "eavesdropping" on the exchange and later impersonating either party to defraud the system.
*This elaborate protocol is conducted in such a way that it is invisible to the user, except for the necessity of entering a PIN to begin the transaction.
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someone used my card in Jamaica and i was not on the island and hadn't been on the island in months and didn't take or use that credit card in Jamaica - ever
Last edited by Seveen; 04-29-2014 at 04:35 PM.
Seveen it's global. I was working in Poland and my card was used in Vegas.Originally Posted by Seveen
i agree not a Jamaica problem - i think some computer nerd sits down and either hacks us or comes up with the algorithm of the year for credit card numbers - the good thing is reported early it's just an annoyance - cash is gone forever
Old Vegas used to rock..... then they stopped driving on Fremont..... (grin)
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ORC groups(organized retail crime) are a HUGE PROBLEM and it only continues to get worse. The pin technology used across Europe is the next step in the fight, however it is not fool proof either. Having to deal with chargebacks on a regular basis I can say that American Express is the best bet if you are a consumer. They have strict protocol and if it is not followed the merchant takes the hit. Problem is, a lot of places do not accept American Express, for that reason as well as it is the highest cost of tender amongst all the major players.
While all credit card companies will support you with fraudulent transactions, American Express has your back without fail.
disclaimer (no, I do not work in the financial sector)
Too bad there's not a way to have photos on credit cards - like a driver's license. It's rare to have clerks check for ID anymore (am always happy when they ask for proof of ID even when I make a small purchase). It would be really hard I would think to use a "fake" or stolen credit card if one's picture had to be a match.
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