What is the deal with the new chips they put in cards?

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dimond_dj
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What is the deal with the new chips they put in cards?

Postby dimond_dj » Sun Mar 20, 2016 7:07 pm

Could someone please explain the purpose of putting those silly chips in credit cards? This is the first card I've had that uses a chip, my bank debit card doesn't have one. I've made several purchases where I had to swipe the card and made a couple online purchases then today I held up the line when I tried to swipe the card and it didn't work. I couldn't get it figured out so the clerk finally came around the counter and did it for me, I think she was really pissed by this point. She said my card had a chip and I needed to put it in the bottom of the terminal. When she did it, the transaction went right through quickly, I didn't have to sign anything, put in a pin or nothing.

I don't really see how it's more secure giving me something I can't figure out how to use but a thief could use easily???????? Well, I might squeak by as long as the terminal isn't too much different.


Elijahmex
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Re: What is the deal with the new chips they put in cards?

Postby Elijahmex » Mon Mar 21, 2016 8:57 am

The rest of the world uses chips. It was about time the United States caught up to it. I grew up in Europe and all my cards since HS which is a decade ago had the chips. It's a much faster way to Pay and it's safer bc you need to use a PIN (in Europe, not so much here).

Truth is, if you travel abroad in a lot of cases you wouldnt be able to pay without the chip.

How hard is it to insert instead of swipe?
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kcm7
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Re: What is the deal with the new chips they put in cards?

Postby kcm7 » Tue Mar 22, 2016 10:53 am

I don't really see how it's more secure giving me something I can't figure out how to use but a thief could use easily????????


The chip (as it's being executed in the US) is meant to prevent only a SPECIFIC type of fraud -- ie, large-scale retailer data breaches (like what happened at Target a couple years ago). The way the chip works scrambles the data in such a way that, even if hackers got into a retailer's system, the information stolen wouldn't allow them to use your card. This type of attack (which allows thieves to essentially get millions of card numbers at once) is super expensive for issuers and terrible PR for retailers, so that's what the chip is built to stop. It doesn't stop a thief from picking your card off the sidewalk and using it. That type of fraud sucks for the individual, but it's not a large-scale nightmare for issuers and retailers.
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-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

thom02099
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Re: What is the deal with the new chips they put in cards?

Postby thom02099 » Tue Mar 22, 2016 11:06 am

If you Google "EMV" you'll find a wealth of information.
https://en.wikipedia.org/wiki/EMV This summary from Wikipedia will give you something of an overview.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



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