My first thought as well.The article mentioned that CC fraud has been reduced by ~ 1/3. That’s impressive, but how is the other 2/3 of fraud accomplished if you have to have a PIN to complete the transaction?
But the ship and PIN should still prevent that. The data on the chip is encrypted, so if someone steals the data they will have a hard time reading it, and then they still don't have the PIN unless they capture that at the same time and keep it together with the data.I suspect that the continued fraud happens at the credit card processing center or at the on-line merchant site, and not at a store’s credit card terminal.
Not for the last 2 large breaches that I know about that occurred within the last 3 months. The breaches occurred at the merchant's credit card terminal/POS application.
Yeah, that happens from time to time. I did a little creative editing to put the quotes in my first reply... But this one is 100% legit.Carp. Editing is fouled up. Blank screen. Preview Post is fouled up with a blank screen and wipes all text previously entered.
Yes, those thoughts are valid but do not apply to the Target & URM grocer breaches.But the chip and PIN should still prevent that. The data on the chip is encrypted, so if someone steals the data they will have a hard time reading it, and then they still don't have the PIN unless they capture that at the same time and keep it together with the data.
You, the merchants, don’t get stuck holding the green wiener, but where does the fraud occur (still 65% of what it used to be)? At the processing center or the banks?It's a nice system, we've had it for almost 8 years. The retailer does not (have to) touch the credit/debit card or check any signature and once authorised, that's that, no comeback on the retailer if the card was dodgy. The card terminal will swipe non chip & PIN cards (which will either be foreign or for those with bad eyesight) and/or prompt you to swipe if the chip cannot be read - and print out a ticket to be signed.