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Time to put microchips in credit cards

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Time to put microchips in credit cards Empty Time to put microchips in credit cards

Post by Ponee Fri Jan 31, 2014 9:04 pm

Time to put microchips in credit cards

Published: Thursday, 30 Jan 2014 | 2:35 PM ET

For the past month, we've all read story after story about the recent data breaches. And, surveys have been taken to illustrate the impact these events have had on consumers' awareness and concern around identity theft and credit-card fraud, even as they have been protected by the payment networks' zero-liability policies, underwritten by the issuing banks.
During this time, EMV (which stands for Europay, MasterCard and Visa) chip technology, a global standard that includes embedding chips in payment cards for added security, has gained even greater interest — and rightfully so.

 

Time to put microchips in credit cards 101286757-457902751r.530x298
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Shopper uses a credit card machine at Target
One thing that is surprising is the posturing and finger pointing about who is to blame and who is on the side of angels. At the end of the day, we're all saying the same thing — now is the time to migrate to EMV in the U.S.

While magnetic-stripe technology was new technology in the 1970s, that is not the case today. Just look at all of the technological advancements since then — the Internet, smartphones, GPS, to name a few.

The EMV is a standard already widely used in Asia and Europe. Closer to home, American merchants and banks have used other tools and solutions to keep fraud to near historically low levels.
For too many years, different parties have relegated the EMV migration decision to a cost vs. benefits spreadsheet analysis. However, spreadsheets don't consider the cost of losing the public trust, which is immeasurable.

(Read more: US attorney general confirms probe of Target data breach)

If the average consumer doesn't trust the payment method they prefer to use or the merchant where they want to make a purchase, then neither financial institutions nor retailers have a sustainable business model.

In 2012, the major U.S. payment networks introduced their respective EMV migration road maps and timelines, with Oct. 2015 serving as a milestone when the liability would shift to the party — merchant or issuing bank — that was employing the least secure technology.

Earlier this month, I wrote to both our merchant and issuer customers reinforcing our commitment to our roadmap and the 2015 liability shift. As we see it, this migration is about an upgrade that will drive both innovation and security for all parties, most importantly for consumers and cardholders. The fraud liability shifts we have announced provide incentives to migrate to EMV and not a mandate.
From day one, our road map has provided issuers and merchants with the flexibility to manage their business and technology decisions, specifically whether, how and when to implement EMV. And, there's been progress:


  • A number of large U.S. retailers have publicly indicated they are re-terminalizing their stores to accept chip cards by October 2015.

  • Many U.S. issuing banks have begun to provide cardholders with chip-enabled cards, while planning for a mass rollout over the next two-plus years.


(Read more: Bank executive: Cashless society is a huge threat to our freedom)
Over the past two years, we have been impressed with how the industry has come together to prepare and plan for this migration. This progress should not be discounted, nor should it be derailed as different parties point fingers in an effort to win political or public perception points.

Instead, all involved — networks, merchants, issuers, acquirers and others — should focus their time, efforts and resources on continuing this migration and further enhancing the security of the U.S. payments system.

The lesson of the recent breach is clear — we should not delay the migration to this global standard any longer. While the liability shift is in place for October 2015, it will take many years beyond that point to get all checkout terminals and cards enabled with EMV technology.

Criminals and fraudsters will always try to steal from consumers and corporations. Our job is protecting consumers and businesses against these threats when they make purchases. Of course, no financial transaction can be completely free from the risk of fraud.

EMV will be that first step – a first step that will have the most impact if we move together in unison.
— By Chris McWilton

http://www.cnbc.com/id/101376618

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Post by penny3159 Fri Jan 31, 2014 9:30 pm

chips have been in the cards for sometime now. Nothing new here

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Post by Kevind53 Fri Jan 31, 2014 10:50 pm

Some cards to be certain, but not all. The issue however has not with the security of the cards, but with the security of the vendor's servers. The data stolen was not swiped from the cards, but from the records of the companies. Arguably, having chipped cards MIGHT make it a little harder to utilize that data, but if there is one thing that has held constant through out the history of security,  it is that if man can think of it, another man will figure out a way to circumvent it.

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Post by rick152 Sun Feb 02, 2014 8:33 pm

I'm not so sure that those issues over the cards wasn't a "false flag" so the cards could be loaded with the chips and activated completely so that the people completely accept them as mainstream, after all as a start, that would be a lot easier than injecting a chip under ones skin. At least for now.

When I worked for Disney, I had a "loaded" card, with near unlimited access. Every time I passed certain points there was a recorded time stamp to use as determining detailed patterns in walking or golf carting around the park to track patterns.

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Post by Ponee Wed Feb 05, 2014 7:16 am

Yes Penny, but only in a few companys.  They are working on making it mandatory for ALL CC to have the chip. I see the time of the "mark of the beast coming closer and closer".  How about you?

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