New EO signed Friday regarding chips in all new debit and credit cards. I received an email a few weeks ago stating, my new card would be chipped. Does it bode well with me, no, it doesnt, but you see, none of us are immune to these machinations, and in order to conform world-wide, chipped, or as they are known, EMV standard-cards - an acronym of Europay, MasterCard, and Visa, will be the modus operandi of financial transactions by 10/15. Dont think your magnetic strip is going to work anymore because it is not going to, as the software at most ATMs is obsolete and no longer supported by MicroSoft. My bank just updated to the new ATM, and I have been to other banks in the area which are chip readable, too. Imagine the cost that will trickle down from merchants to consumers as compliance time rolls around. Once again, we are the suckers who will pay for that, as prices will be driven up! Oh, and of course, I say sarcastically, this is all done for the protection of the consumer! arstechnica/business/2014/10/obama-signs-buysecure-initiative-to-speed-emv-adoption-in-the-us/
Posted on: Tue, 21 Oct 2014 18:20:15 +0000
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