PackerBacker wrote:
super_camper wrote:
bradyk wrote:
JackD wrote:
and the feeling is that it won't happen on a global basis.
It happened in Canada and Mexico and most (if not all) of Europe and a few contries I visited in South America over the last few years.
No doubt the current ''chip'' technology will, one day, be replaced by something newer and better but the way you're saying it, the U.S. will always be ''one technology'' behind...
That is kind of what I told many when I was down south working with the banking and software people. Sounds like the cost outweighs the benefits at least in the industry.
I think the chip conversion issues go beyond cost benefit. Chipped cards can move the liability for abuses from the credit card issuer to the card user as the card user is responsible for maintaining the secrecy of the PIN.
Actually we no longer use a PIN in many places, just flash the card with the chip technology today.
Removing or disabling the use of a PIN from a chip card is like removing the Jelly from a PB&J Sandwich. It just doesn't make sense. According to my bank chip cards have three fundamental advantages as follows:
A chip card is a debit or credit card with a built-in microchip that provides greater security and convenience. The microchip is encrypted, which means that it is extremely difficult to copy or counterfeit and cardholders are required to enter their Personal Identification Number (PIN) for all chip card transactions. Chip card transactions also provide enhanced security because your card never leaves your sight.