"No More Swiping: New Credit Cards Designed To Reduce Theft"

Discussion in 'General' started by mangudai954, Sep 30, 2015.

  1. mangudai954

    mangudai954

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    [​IMG]


    For the black magnetic stripes on the backs of your credit and debit cards, Thursday will mark the beginning of the end — a shift that could be costly for retailers.

    Since the beginning of credit cards, merchants were never liable if a thief used a stolen or counterfeit credit card to shop; the bank issuing the card usually made both the customer and the store whole.

    But starting Thursday a subtle shift happens. If retailers who don't follow new procedures for credit card security, including the use of new cards that include embedded computer chips, then they will have to pay for what thieves steal.

    "It's another thing we have to deal with," says Bob Gereke, who owns the pottery studio Mud, Sweat, and Tears in New York City. "There's so many, and this one can be important."

    Gereke says he's pretty on top of the changes but still isn't ready.


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    The new cards, each of which has a unique microchip inside that makes it difficult to forge, already are in widespread use in Europe. But in the United States, the industry is way behind.
    New embedded computer chips mean that the day is coming when you'll never swipe your credit card again. Instead, you'll insert them into readers like this.


    To read chip-embedded cards, Gereke will need new equipment. He signed up for a reader earlier this year, but because of unprecedented demand it won't arrive until December. He says the whole process is frustrating — and come Thursday, will potentially leave him on the hook for fraud.

    Most small businesses remain unaware of that risk, says Holly Wade, director of research and policy analysis at the National Federation of Independent Business.

    "It's frightening for small business owners thinking that they might be hit with higher costs, more liability in their business, and not knowing what they need to do to comply," Wade says.

    In the rush to make electronic payments more secure, the credit card industry has been diligently working to get retailers up to speed. They started with the big stores, and the ones where fake cards tend to be used the most, like electronics stores.

    "We're really where we expect to be, considering that Oct. 1 is the start line," says Stephanie Ericksen, Visa's vice president of global risk products. "We know it takes many countries about four to five years to get to greater than 90 percent of their volume to being at chip cards used at a chip terminal."

    Critics say that not only will the new chip cards be an extra burden for small businesses, they also may not add that much security.


    For example, the new chip cards will not prevent theft from online retailers, since there's no way for them to check your card's chip over the Internet. And the new cards don't prevent hackers from entering the computer systems of big companies like Target or Home Depot and stealing credit card data.

    But defenders of the new cards say the chips will help a lot.

    Jason Oxman, CEO of the Electronic Transactions Association, says the chip cards make stolen credit card data less valuable to hackers.

    "It prevents them from using those stolen account numbers to make cards, and then go out and use those counterfeit cards to buy goods and services at retail," he says.


    But that strategy only works when the majority stores are ready — and many still say they aren't.



    The main things I took away from this was, the deadline should of been pushed back if the backorder for the chips readers is as much of an issue as some people are making it out to be. Y'all who live in major cities have you been seeing this a lot? I've only seen it at Target thus far. They've been using them for a while now. I know some people on here own storefronts. That's a hell of an L to take if someone uses a stolen/fake card and the bank leaves you on the hook if you don't have a chip reader.
     
  2. suberzat1

    suberzat1

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    Yea I used the chip reader at the infinite dealership after the whip oil was changed
     
  3. niketalker23

    niketalker23

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    The company I work for distributes these POS devices. We are shipping out huge amounts of these per day. We are currently working five twelve hour shifts m-f and 8 on Saturday and Sunday. All merchants have to switch over eventually by law.
     
    Last edited: Sep 30, 2015
  4. eljefe

    eljefe

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    Yeah seems like it's a lot slower than swiping. All targets have them where I'm from.
     
  5. wr

    wr

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    I can't tell if you meant point of sales or peices of **** lol
     
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  6. keel252

    keel252 Banned

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    Mann I've had this card and it's only worked once in Target. The next time I went into that same target, it didn't work.


    One thing I can say tho WF have def stepped their game up. I randomly just a new debt sent to me bc they had questions on some actions on the old card.
     
    Last edited: Sep 30, 2015
  7. mangudai954

    mangudai954

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    ^ I wasn't sure either lol
     
  8. KanyIZZY

    KanyIZZY formerly j o 19

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    SCAMMERS GONNA SCAM .. ZOE GAWDS GONNA ZOE
     
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  9. Fozzy Badfeet

    Fozzy Badfeet

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    So, we have the option of paying through the chip being read or by swiping?
     
  10. AZwildcats

    AZwildcats

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    Chase bank just sent me a new card with a chip in it. Their new ATMs have you stick the card in vs swiping it
     
  11. Los Angeles

    Los Angeles formerly bright nikes

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    if someone wants to steal your **** they will.

    these chips on your card read as its credit, the only drawback is not being able to take out cash back.
     
  12. keel252

    keel252 Banned

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    yep chip takes forever too
     
  13. nazdrowie

    nazdrowie

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    pretty soon robots will take over these jobs anyway can't fight automation
     
  14. heliumclinton

    heliumclinton

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    what job?
     
  15. dakid23

    dakid23

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    I've been seeing this internationally for about 5 years now. The US Credit card chips got added within the last year and a half.
     
  16. Fozzy Badfeet

    Fozzy Badfeet

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    Ahh alright. I just got my new PayPal CC with the chip in it. It'll be interesting to see how the process works.
     
  17. ravagebx

    ravagebx

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    This isn't new. The U.S. is just slow on the uptake. Other regions have being using for quite some time. And I'm all for spending an extra few seconds if it will reduce fraud.
     
  18. asianplayer

    asianplayer

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    Guess its good, but not going to be surprised when hackers find a way around it.
     
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  19. amarano

    amarano

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    just use apple pay.

    and if you have an apple watch its that much more convenient. 
     
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  20. wallyhopp

    wallyhopp

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    It's slow and burdensome . Insert card, wait 5 seconds? I realize it's not being done for convenience, but it sure could be both this day in age.

    Apple Pay seems like a joke too. How hard is it to swipe a debit card? It's literally 4 seconds from start to finish.
     
    Last edited: Sep 30, 2015