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BS. Chip and signature is a joke and is no more secure. Why we can't do Chip and PIN which is what Europe does I will never understand.
The signatures are never reviewed unless there is a claim. You can write whatever you want on there and unless the clerk at the store says "WTF" it will never be an issue.
You have no idea what you are talking about. First, one of the primary ways to steal account info is to run the real card, copy the magnetic strip, then create a duplicate card. Once the card readers are fully implemented (i forgot the date but it is looming) then the transaction will not go through without the chip. Second see my point above, retailers that don't take this seriously are being charged back. The more fraud the more they lose. losses will drive a change of behavior or they will just chalk it up to a cost of doing business. Last, you don't think an email, which i can set to every time the card is used if i prefer, is helpful? Sounds like you need a new CC provider.
He's talking about the people who duplicate the cards, not stealing the actual cards. The duplicate cards would then not have the chip, and it would deny the charge.
Can't link from phone, but ramnicu valcea Romania was given the nickname hackerville for the sheer amount of fraud processed by the town.This might be really old story I am relaying,but I believe stuff like this still happens.
The card was declined, but I would think Chase had to be hacked for them to get the number.
I don't get this. Have you been responsible for any fraudulent charges? The credit card company has negated and/or credited any fraudulent charges in my experience. The only disadvantage is to wait 2-5 days for a new card to arrive.
Correct. The right move is to use your rewards credit card for all purchases and pay it off in full every month. No cost to you- you get $ back every month for making the purchases you would make anyways with nothing back via cash or debit card.
I work in Banking and specifically Information Security.
Over the years I've noticed the exposure windows have shortened on compromise alerts. Usually they are within a year and often within the previous few months. No doubt having a fresh card number certainly reduces the odds some but, for me, it wouldn't be worth the hassle.
Makes sense ... this might well account for a recent surge.
The first time it happened to me in 2012, my card's magnetic strip was read/copied at a mom-&-pop restaurant. Crook was dumb enough to pay for their own meal later the same night at the same place.
My AMEX was stolen by a waiter with a handheld card reader in 1999. Actually actually true.
Same thing happens with my girlfriend and myself. Her cards are always getting hit, but I have yet to have any issues. Knock on wood.
That reason was money.
I'm not so sure. My understanding is the credit card companies believe Americans will feel too inconvenienced and too annoyed to use a PIN with credit. (There were accepting with debit since debit cards were an upgrade to their old ATM cards.)
I don't have the background knowledge to speak authoritatively on this and am completely throwing this out there as a casual observer, but I would think that most people wouldn't mind providing a PIN with a credit card transaction if they are under the understanding that it will save/prevent fraud, protect them from identity theft, etc.
You may be right about "most" but if even, say, 10% of Americans object, that is probably too many annoyed customers for the issuer.
Dam, no kidding?
There was a big ring that was busted around the L.A. area around that time... maybe a few years later. I don't remember how many people they nailed but it was something like 10-20 or so waiters/waitresses at various places and a few other people who were the ring leaders. Easy as heck to have a small hand held device that you run the magnetic strip through and capture that info and then use it for fraud. And we are not talking about state of the art kind of crooks either.
Well, thinking about it some more ... few people will privately handle as many credit cards as a waiter will. Take the card, scurry off to the side station or the back of the house. Plenty of opportunity.
Yea, the recommendation is that you NEVER let the card out of your sight. The one place that everyone does this (including me) is when you pay for your meal and let the waiter walk off with your card for who knows how long and doing what with it.
It has to be that if you have the PIN. It would be more effective for sure if we did that.
