Broadband Tech > Security > Security > Why Card Fraud Grows

reply to Mele20

Re: Why Card Fraud Grows

Yep, unless the POS reader doesn't have the chip reader, or is not functional yet.
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Better to have it and not need it, then need it and not have it.

reply to StuartMW

Think on-line purchases to limit liability amounts, or credit-challenged folks. Or, Pay Pal and the like.

*edited to add.
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Better to have it and not need it, then need it and not have it.

reply to Dustyn

reply to Mele20
As has been discussed many times here, RFID cards are very insecure. My CC company sent me a chip card 6 months after sending me their new RFID card.
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Better to have it and not need it, then need it and not have it.

reply to Mele20

reply to Juggernaut
Yes, I was the person who started the main threads here regarding RFID cards. I started a long thread here several years ago on them and then again when I got mine which was about a year ago. At the beginning of the last thread I started, I was very skeptical of the card and its safety. But that turned out to be because of my ignorance. I was sure I knew about RFID cards and didn't want one. However, technology changes rapidly and I was going on my knowledge from the first thread several years ago.

Luckily, I didn't let the negative comments in the more recent thread (that had nothing to back them up) make me believe these cards were still bad. Instead I researched and read a great deal. I suggest you do the same although I am referring to RFID cards in the USA not in Canada or Europe where the system is DRASTICALLY different and NOT better for USA because of the differences. OLDER RFID cards are insecure and, of course, USA banks would love for you to believe that is still the case because they want liability changed to be borne by the customer. So, if they can convince you that RFID cards TODAY THE VERY LATEST TECHNOLOGY IN THEM are unsafe then they have a sucker who is thrilled to be told that in order to get a "safe" card that the sucker has to accept liability and that is "minor" because, of course, with the vastly "safer" chip card it doesn't matter if liability is shifted to the user. Yeah, and pigs fly. Educate yourself. But then your country has already snookered everyone there as has most of Europe. So, I suppose there is no hope for you. Americans have not yet been snookered and, hopefully, we will not allow that to happen.

It sounds like I am the only one in this thread who actually went and read the link Name Game gave to that forum discussion. ( Snowy doesn't need to read it but others should). That explains some of why Europe's approach is quite different from USA and why USA does not need to nor should take Europe's approach.
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson

I am assuming the info there is correct..but you never know in this changing landscape.

reply to Snowy

reply to Mele20
I'm glad you feel secure in your decision. Personally, I don't feel good about any card that depends on a non-physical interface to use. That's my choice, right? As it is yours.

BTW, thanks for your timely insults regarding my country, and other countries. As usual, you belittle anyone that does not agree with you.

Have a good evening.
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Better to have it and not need it, then need it and not have it.

I'm not sure how you equate my comment about England refusing cataract surgery to the elderly until they often are so lacking in sight that they cannot read, watch TV, and fall frequently because they cannot see, to be an insult. It is a sad fact not an insult.

It is also a fact that Europe does not have card verification set up as we do. In Europe everything is not online probably because of the cost of broadband there. Here all verification is in real time on line. It is a completely different system here and unique to the USA. Because of it we do not need chip and pin cards but no one from Canada or Europe ever mentions this. It was not meant as an insult, but as a fact that should NOT be overlooked when discussing why the USA doesn't have the system Europe has and why our system should not be considered "backward and behind the times" as it is not. It is far more advanced than Europe's partly because we enjoy much cheaper broadband.
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson

reply to Juggernaut

reply to Name Game

said by Name Game:

said by Snowy:

said by Mele20:

I don't get the point of those kinds of cards.

There are many advantages/disadvantages to using a prepaid card.
The reasons I routinely them are:
1. Online purchases.
I don't use CC's/debit card for online purchases as a mater of security.
2. To disassociate myself from certain purchases either online or bricknmortar.
The only disadvantage is the ~$5 premium to purchase the card,
I'll mitigate that by buying high value cards to reduce the cost as a percentage of the dollar amount.

And being a smart shopper..more mitigation with great deals.

reply to Name Game
So, because I didn't provide the link to prove my comment about many elderly in England being denied cataract surgery until they are almost blind I am a trickster? UGH. I thought if I provided it then we might have a slew of OT comments but I can give it to you by PM if you'd like.
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson

reply to Mele20
Because it was not for you..nevertheless..has to do with great deals one can find..same product lower prices and a reason to shop online..also since you do prepay them..I think people tend to be more cautious when to use them for a purchase at bricknmortar.

reply to Mele20

reply to Name Game

MasterCard Extends U.S. EMV Migration Roadmap to ATM Channel

MasterCard Press Release:

quote:

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Reinforces Commitment to Address All Channels

PURCHASE, N.Y.–(BUSINESS WIRE)–Sep. 10, 2012– MasterCard today announced the expansion of its U.S. electronic payments roadmap to include the ATM channel. Beginning in October 2016, a liability shift hierarchy will be introduced for ATM transactions in the U.S., as part of an effort to globally align the use of EMV technology to prevent and manage fraud in the payments ecosystem.

The liability shift will apply to all MasterCard-branded products across all transactions initiated at U.S. ATMs.

As part of its roadmap unveiled in January, MasterCard identified the need to further secure all channels by means of the implementation of EMV standards in the U.S. The company has taken a leadership role to foster collaboration to drive a smooth migration and advance the U.S. electronic payments system to deliver maximum benefits to consumers and the industry.

“This continues our commitment to look holistically at the next generation of U.S. payments,” said Mike Weitzman, Group Executive, U.S. Markets, MasterCard. “As other markets have migrated to EMV, we have seen fraud shift to the least secure channel. By establishing this liability shift, we’re advancing efforts to prevent and reduce fraud. At the same time, by making the announcement today, we’re providing our issuers, acquirers and ISOs flexibility and sufficient time to manage their ATM technology decisions.”

Last fall, MasterCard announced the extension of its existing EMV liability shift program for inter-regional Maestro ATM transactions effective 2013. The program announced today expands liability for U.S. ATM operators to include all EMV-enabled cards used at U.S. ATMs.

Analyst firm Aite Group estimates that fraud costs the U.S. card payments industry an estimated $8.6 billion every year. In addition, the firm’s research shows that many industry executives agree that switching to the EMV standard can greatly help to mitigate card fraud, while minimizing risk and maximizing profitability.

“An upgrade of existing U.S. ATM systems to EMV is a necessary next step in the evolution of financial institutions’ tactics to keep pace with fraudsters,” said Julie Conroy McNelley, research director with Aite Group. “The industry executives we talk to are bullish on EMV migration to reduce their potential vulnerability from mag stripe fraud and make way for future innovations that can help enhance the value of electronic payments to consumers.”

MasterCard was part of the original group that created the EMV standard and has supported the successful migration to EMV-based payments in every major market globally to date. The company’s continued investment in advancing these infrastructure standards has provided insights and expertise to guide the industry in advancing payments security and convenience.

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»newsroom.mastercard.com/press-re···channel/

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THE NEXT GENERATION OF PAYMENTS COMES TO THE UNITED STATES

Payments technology is changing, transforming the consumer purchasing experience worldwide. The next generation of payment products and services build on the current safe, simple and smart ways to pay while bringing greater security and new capabilities to every transaction. This transformation is about more than just a specific device. It's about creating a holistic purchasing experience supported by greater security and control.

»www.mastercard.us/mchip-emv.html

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The key word seems to be holistic.

The American Cancer Society recommends that if holistic medicine is to be used at all, it should be used only in conjunction with conventional medicine and not as a replacement.