Adopting chip and pin for US credit cards is a good step forward, but Im not sure it will solve the fraud problem as much as people expect. Our current system, magnetic stripe readers, was meant to reduce fraud from old-fashioned knuckle buster machines (crooks would dumpster dive for the carbon paper from receipts to get credit card numbers). Perhaps we should look at things which limit losses rather than aim to prevent them 100%. One solution that I support is to set customer controlled spending limits for a card. Reach the limit for the day and transactions wont go through (a customer could, of course, change the spend limit within their credit limit). Only problem is industry doesnt like this because it would limit impulse purchasing. Of course, having to constantly upgrade card processing hardware is a cost too... #creditcard #fraud #EMV
Posted on: Mon, 24 Mar 2014 18:03:40 +0000
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