[Product Update] Costco and Delta | Chip & Signature

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rockyrock
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Postby rockyrock » Fri Feb 14, 2014 11:35 pm

travisrauh wrote:Happy Valentines Day, my beautiful Cardmembers! I just wanted to advise you of an update for your Costco and Delta SkyMiles cards. Chip & Signature will be available for you soon! To order this feature for your card, please call the number on the back of your card after the below dates:

Costco: March 3rd, 2014
Delta: May 1st, 2014

Please note that once you opt into Chip & Signature, you cannot remove the feature.


Thanks for the update, its nice having you here.
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travisrauh
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Postby travisrauh » Fri Feb 14, 2014 11:41 pm

WildBill wrote:Can you please explain to me how Chip n Signature is more secure? I'm not being sarcastic, just asking seriously. Because as I understand it, the step up in security is Chip n Pin. That requires a chip on the card, plus entering a pin which deters hackers from copying cards.


I personally do understand and share your concerns. This is unfortunately just what the American financial industry decided on.

rockyrock wrote:Thanks for the update, its nice having you here.


Thanks - it's nice to be here!
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MemberSince99
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Postby MemberSince99 » Sat Feb 15, 2014 8:18 am

Don't shoot the messenger guys. He's not the forces of darkness that will save a penny today and spend a dollar tomorrow to inflate his obscene bonus, he's just bringing the news.


We all know the US is F'ed up royally. Morons make business decisions that inflate their personal wealth with an artificial savings today that cost more tomorrow but these weasels only care about today. That's why we do things the way we do in the US because everyone is focused on pleasing Wall Street today and pocketing the loot and what's best in the long term doesn't matter (you can always hire consultants and blame them when it goes to hell they won't be around to defend themselves...).

flan
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Postby flan » Sat Feb 15, 2014 8:36 am

rockyrock wrote:You are correct on all counts.

The US financial industry probably just figures the rest of the world will change to a less secure method to be like us. You know kind of like the rest of the world adopted "standard" measurements instead of metric...


EMV allows for cards that work with both chip and pin and chip and signature modes. The card and the terminal negotiate what to use (including nothing at all, as in contact-less payments). There's no reason that us card issuers can't issue cards that are C&S preferred, but when confronted with a C&P only terminal, let you use a pin. They're not (well, a few CU do) because it currently costs more. That will change if there's demand for it. Most American credit cards are never used outside the US, so there's little reason for most people to have such a card.

It would not surprise me to see debit cards be the first widely issued cards that do C&P in the US, because people are already used to using a pin with them.

Also, don't forget that in most of the rest of the world, if someone steals your credit card information and commits fraud, the onus is on you to prove that it's fraud. If you can't, you're out the money. That makes inconvenient security more attractive. In the US, where it's the bank on the hook, no one is willing to put up with that.

CC Deville
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Postby CC Deville » Sat Feb 15, 2014 10:17 am

Chip + Signature is Visa's fault. Since they are the largest they get to push everybody else around. Visa's idea is that EMV is itself already outdated and it is widely expected that mobile phone payments will soon become the norm thus negating the need for EMV or a plastic card at all. Nice try; I refuse to put my credit card on my phone so they will still have to issue me a card.

So, Visa's stance is that, fine, we will push for EMV but we don't want our member banks spending the time or money to develop Chip + PIN since we are going to mobile payments anyway. In reading the press releases a few years ago it seems like MasterCard and Discover prefer Chip + PIN but will submit to Visa and it also seemed like Amex didn't want to touch EMV at all but had to because the other three announced plans.

In all other countries where they have adopted Chip + PIN there was government regulation calling for it and there was a clear roadmap. Here in the good ol US of A some banks want it others don't; merchants don't want to pay for the POS upgrades...so it is all up in the air here...I have read other articles that indicate that to meet the 10/2015 liability shift, banks are going Chip + Signature now to get the cards out but may eventually evolve to Chip + PIN. But who knows..

rockyrock
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Postby rockyrock » Sat Feb 15, 2014 7:24 pm

It's just another example of the man trying to keep us down!
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benhollberg
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Postby benhollberg » Sun Feb 16, 2014 1:54 pm

Not sure why people are complaining. In my eyes Chip and Signature is way better and more convenient. Do you seriously want to put a PIN in for every purchase, I sure don't. You're afraid of fraud, in the U.S. you're not on the hook for fraud so not sure what the deal is. With both C+P and C+S if your card is stolen or tried to be used fraudulently then they'll send you a new card regardless so both cases have that inconvenience.
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rockyrock
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Postby rockyrock » Sun Feb 16, 2014 2:02 pm

Actually, we all are on the hook for fraud. The more it happens the more bank fees, AF's, APR's go up. When the responsibility is shifted to merchants we will see it in the form of higher prices for the products and services we purchase.

So it is in everyones best interest to reduce fraud.
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WildBill
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Postby WildBill » Sun Feb 16, 2014 3:01 pm

+1

Well said

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AmEx Bear
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Postby AmEx Bear » Sun Feb 16, 2014 5:33 pm

C&P = faster than C&S. Signatures can be faked. PIN's, not so much. *Back to MemberSince99's F/R*
Poke me and I will F/R you



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