Capital One EMV

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CC Deville
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Capital One EMV

Postby CC Deville » Tue Oct 21, 2014 6:30 pm

Looks like Capital One is finally getting on board with the EMV chips:

http://www.capitalone.com/credit-cards/chip-cards/

Available on Venture and Venture One cards. Chip + Signature of course; not available on the design your own card cards at this point. Looks like it is un embossed as well...


whit
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Postby whit » Tue Oct 21, 2014 8:04 pm

not to repeat myself (ha) again but maybe this article would better explain what I've been told and read awhile back

http://arstechnica.com/business/2014/10/obama-signs-buysecure-initiative-to-speed-emv-adoption-in-the-us/

companies don't want to move to EMV

they're forced to because if they don't do it before end of 2015 (article says October?)
then the liability shifts to them rather then the merchants

I'm not 100% sure of all the logistics but whatever went down with target, then again with bergdorf goodman, Home Depot, kmart, etc

is enough to prompt the now EMV usage

typical American behavior and belief..if it ain't don't broke don't mend it..spend more on solving problems then preventative because there's more
$$$ that way and hey, we integrated the amount of cost this could potentially cost us if we leave it unfixed--versus what it would cost to take measures to prevent/fix and even with the damages we still come ahead so

but now the cost is going to hurt them

but guess how they're gonna pass off these costs

I'll give u one hint

it ain't them

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lobbythis
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Postby lobbythis » Tue Oct 21, 2014 8:28 pm

What the hell...my new Venture doesn't have sh*t. Time to crack some skulls.

And that new design looks much better.

popamode72
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Postby popamode72 » Tue Oct 21, 2014 10:21 pm

I hope they do this for the Quicksilver too. I'd love to have an EMV chip version of that card.
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luvbullmarkets
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Postby luvbullmarkets » Wed Oct 22, 2014 2:18 pm

Great!

I look forward to adding some high-tech to my sock drawer collection.
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djrez4
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Postby djrez4 » Wed Oct 22, 2014 4:39 pm

whit wrote:companies don't want to move to EMV

they're forced to because if they don't do it before end of 2015 (article says October?)
then the liability shifts to them rather then the merchants


Sort of. Right now, the credit card companies are the ones that eat fraud. They build it into their business model. Don't worry; they're not hurting. As of October, 2015, if a merchant doesn't process transactions with EMV, the liability shifts from the credit card company to the merchant.

Credit card companies are resisting because an EMV chip increases the cost of a blank credit card from about ¢15 to between $2-4. There are approximately 546 million credit card accounts in the US. So, the EMV upgrade costs US banks $1.13-2.26 billion right now.

Theoretically, they'll save more than that because EMV reduces fraud. Worldwide, there was about $11 billion in fraud in 2012. The US account for almost half of that. All of Europe accounts for about a quarter. If we simply reduce fraud to European levels, it covers the cost of EMV implementation for banks. Retailers have costs too. I'm not sure how they work out.



whit wrote:typical American behavior and belief..if it ain't don't broke don't mend it..spend more on solving problems then preventative because there's more
$$$ that way and hey, we integrated the amount of cost this could potentially cost us if we leave it unfixed--versus what it would cost to take measures to prevent/fix and even with the damages we still come ahead so


Sort of, but not really. Yes, Americans believe that things shouldn't be fixed if they're not broken. But, we also have an amazing ability to completely fail at recognizing broken things. The credit card system has been broken for a long time. Any system that allows fraud to double over the last decade isn't working. Other example: Infrastructure.

whit wrote:but now the cost is going to hurt them

but guess how they're gonna pass off these costs

I'll give u one hint

it ain't them


It's never them. Privatize profits and socialize losses.

(Wow. That turned into a rant. Sorry.)
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whit
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Postby whit » Thu Oct 23, 2014 2:33 pm

Don't worry, I always rant on some end so that wasn't too bad

I don't get if the shift goes to merchants, why would credit card companies need to roll out with emv unless..since merchants would accept only emv cards to avoid hits..

Everything in America is built with the idea of what possible damages could occur, the cost for that, and is set aside..that's one of the few things I really admire and like about said companies, that is, if you don't look at it on the flip side



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