HomeScamsInternet Scams Fraud with the EMV Secure Chip Cards

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Internet Scams Fraud with the EMV Secure Chip Cards — 2 Comments

  1. Very interesting read…my cousin actually has a card with that chip in it, I believe Bank of America has started using them?

    Even so, most retailers and restaurants don’t have the correct machine to read the card, so more often than not the cashier has to type the numbers in the machine manually. I think the main problem is that us Americans are so used to our easy-to-use magnetic strip cards that many stores don’t see an updated card reader as a good investment; if most of us don’t have the new cards, why get the reader?

    Regardless, I think eventually other banks will switch to using these cards as more and more people start catching on to the new technology. I, for one, would rather stick to my normal magnetic strip card, but I guess if they’re more secure, it’s a good idea to switch.

    Great read!

    • Hi Goff,
      I actually received my card in the mail also, but it is not going to be of any security value unless the reader is equipped to read the chip card.Most banks are requiring them to be accepted, and people to start using them, even though there is still a magnetic strip on back for American use.
      After October 1st of 2015, the credit card companies announced that the readers had to be installed and used, otherwise banks and retailers would be responsible for any fraud from improper use of the magnetic strip cards.
      The chips are more secure, because each transaction is unique, and the data cannot be used again. The magnetic strip give the same set of data over and over,so a copy of the data can be transferred to a new card and it would be as good as the original. So, that is why it is a good idea to switch to the newer chip cards eventually.
      Thanks for stopping by, and I hope I answered all you concerns.If you have any more questions, feel free to leave another comment, and I will be glad to answer them.
      Chas

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