experiences with the EMV chip credit cards

  • Posted by a hidden member.
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    Oct 08, 2015 3:10 PM GMT
    The banking and large retail corporations are getting hacked and they want to pass the blame to the small retail vendors.

    -other areas of the planet have been using the emv chips for some time
    -this is the 1st change in an old system that is not working that well. For example the average peep sees an odd low or moderate size charges at least once a year.
    -this dosnt solve on-line purchases.


    there should be a 2 step security verification done where you get a text, email, banking application response real time on your phone at the store. Gives you a random security code you have to type in to the retail check out kiosk. At least for certain at risk sized purchases but the current batch of new evm card readers are really slooow any ways.

    the yet to be implimented Samsung retail banking system is already hacked and wonder how long things like apple pay will last. Currently the apple iCloud is really odd.
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    Oct 08, 2015 3:33 PM GMT
    My latest bank card has this chip, and I'm starting to encounter compatible POS units in stores. Seems to work OK from a functionality standpoint, can't judge the security factor. I have Apple Pay activated on my iPhone and Apple Watch, but never use it.
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    Oct 09, 2015 1:20 AM GMT
    EMV is better than nothing at the moment. It's kinda dumb because the idea behind it is to insert your card, and then enter a PIN to complete the transaction. But banks are still using the signature system. So a thief can steal your credit card with an EMV chip, and still make fraudulent purchases.
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    Oct 09, 2015 1:58 AM GMT
    In Europe, at least, they use the PIN with the mag stripe swipe cards, but I don't think it's used with the EMV cards (I could be wrong about the latter though).

    It would be interesting to see a full breakdown of how much money banks make and lose. I suspect that even with all of the losses from credit card fraud that they're still making money hand over fist.
  • LJay

    Posts: 11612

    Oct 09, 2015 2:02 AM GMT

    Thanks, Pellaz for your requirement that we all have a phone in order to use a credit card. Not.
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    Oct 09, 2015 2:05 AM GMT
    LJay said
    Thanks, Pellaz for your requirement that we all have a phone in order to use a credit card. Not.

    Lol. I did manage to refrain from responding to that part. I'm a real cell phone Luddite; my phone rarely goes with me when I go out; I mainly use it as an mp3 player when I'm on the train or working out at home. And when I'm on the train I love watching all the other people staring like zombies at their phones.