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chas0039
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Best argument yet for EMV chip.

Postby chas0039 » Wed Jan 29, 2014 7:19 pm

I think I read it on BBC, in the last 10 years, while EU has had the chip, fraud has dropped 63%. In the US where they are still arguing about who should pay for it, fraud as increased 70%.

Crooks will take the easy way.


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djrez4
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Postby djrez4 » Wed Jan 29, 2014 9:01 pm

Sure...the BBC would say that.
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whit
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Postby whit » Fri Jan 31, 2014 10:26 am

Europeans and Asians are about preventative--Americans just place a bandage and when the dam breaks then they do something about it and new business entities usually emerge as well

so I'm not surprised that EMV is slowly adapted and will gain traction in the next few years as things like target/neiman come apparent

takeshi
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Postby takeshi » Fri Jan 31, 2014 3:35 pm

There's also the 2015 liability shift.

MemberSince99
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Postby MemberSince99 » Fri Jan 31, 2014 7:11 pm

takeshi wrote:There's also the 2015 liability shift.



I don't know but my best guess would be that's the biggest reason.

daniel2304
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Postby daniel2304 » Fri Jan 31, 2014 7:41 pm

Should you provide the link of the article you're talking about?
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

flan
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Postby flan » Fri Jan 31, 2014 8:08 pm

whit wrote:Europeans and Asians are about preventative--Americans just place a bandage and when the dam breaks then they do something about it and new business entities usually emerge as well

so I'm not surprised that EMV is slowly adapted and will gain traction in the next few years as things like target/neiman come apparent


Take those numbers with a grain of salt.
Also, don't forget that in most of the countries where EMV has been implemented, the customer has become responsible for proving that fraud occurred, and carries the cost of most of it, since it's essentially impossible to convince a bank that there's fraud. So a large chunk of the supposed reduction comes out of the pockets of customers. The EMV propaganda machine maintained that fraud was impossible well after it was clearly demonstrated to be not so. Then they switched to "it never has happened", and are now merely saying 'it's rare'.

rockyrock
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Postby rockyrock » Fri Jan 31, 2014 11:55 pm

No matter how you interpret the reports the fact is the EMV is a more secure way to do business. America is behind the power curve once again but blinded by arrogance. While the rest of the world is using a chip & PIN model, US banks are introducing chip & signature versions. A move that ensures we are not able to easily do business when traveling. All this accomplishes is we will have to adopt twice once we finally move to the chip & PIN...

Maybe the banks think we are slow and cannot handle too much change at once so they are easing us into the chip & PIN one step at a time...

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Postby MemberSince99 » Sat Feb 01, 2014 8:06 am

It's not arrogance, it's cost.


Corporate America as ALWAYS is penny wise and pound foolish. No exec wants to see his or her lavish bonus slashed by the up front expenses of this even though in the LONG RUN it will save them money from fraud, because no one cares about the long term everyone is in it for whatever they can get for themselves right now. And that as I see it is the biggest problem with the American version of capitalism - the focus is always on IRGHT NOW and tomorrow be damned who knows if I'll even be there then. That's why we offshore all our jobs to third world hellholes so we can meet Wall Street's expectations and get our tasty bonus this quarter and if in the long run the company and the country is screwed as we enrich an enemy nation, so be it, why should I care they won't reward me for doing the right thing only the RIGHT NOW thing.


That really sums it up, it's all about cost right this minute. Why spend a billion now to save a trillion over 10 years?

flan
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Postby flan » Sat Feb 01, 2014 6:05 pm

rockyrock wrote:US banks are introducing chip & signature versions. A move that ensures we are not able to easily do business when traveling. All this accomplishes is we will have to adopt twice once we finally move to the chip & PIN...


Nonsense. Simply untrue. EMV cards and terminals negotiate what the acceptable authentication method is. A card can offer to do C+S or C+P, or both. If it does both, it an prefer one, but do the other if the terminal insists. Terminals have the same options. There are additional complications, a card can say "C&S is fine, except if the transaction is over $1000, C&P is required". or "C&S is fine, but every 12th transaction requires a pin". Terminals can do much of that, too.

The US won't get c&P by default, for the really good reason that it's slow, and no one will put up with it, because there is no upside. But that doesn't mean US banks won't issue cards capable of it. They're mostly not right now because there's no demand for it, and the cost differential is pretty high (several dollars a card, I'm told.). But the cost differential will go down with volume, and demand.



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