The end of swipe and sign credit cards:
 

Just saw this article yesterday featured on slashdot.

http://blogs.wsj.com/corporate-intel...n-credit-card/

Apparently the US is home to half the worldwide credit card fraud but only a quarter of credit card transactions.

I wonder if anyone here has any insight into how this technology could affect the adult industry, particularly in terms of chargebacks and continuity billing throughput.

been doing this in Canada for major centers for more than a year?

edit: the funny thing, is it's a 'confirmation' on the bill.. so drunk people have 'approved' 400% increases on bill, and have a lot of trouble disputing it

It's all electronic / remote here already, no swipe terminals even.

Yeah only thing I hate with it so far is the stupid atm machine. You put the card in pull it out for it to tell you to put it in and leave it there.

If you just put it in and leave it in the first place the software does not become active.

Anyone else have this??

I didn't realise the US was behind everyone else on this. Never believed the security claims of chip and pin though.

Yeah only thing I hate with it so far is the stupid atm machine. You put the card in pull it out for it to tell you to put it in and leave it there.

If you just put it in and leave it in the first place the software does not become active.

Anyone else have this??

The claims are bogus. The point is it puts the liability on the card holder, not the bank. If someone used your card, you HAD to have given them the PIN. Or so they say.

Jesus I haven't signed for a purchase in years. Over here, for purchases less that €15 you just hold your card over the machine for a couple of seconds and that's it. Don't even tap your pin.

seriously.. how does a card become 'compromised', if it needs a pin? there is ways to get pins..

Has been that way in Spain for like 2 or 3 years already, always surprised me why not in a credit card country like USA.

As for it affecting online sales, not at all, it's not that you had to swipe and sign anywhere to buy online.

this is basically transfer from non chip to chip cards...means nothing at all for online retail...

It's so annoying when all the businesses around Vancouver get a new point of sale machine every year, and I have to spend a few days re-learning the slightly different order of buttons to press. My new card will have the "swipe" tech that I can just wave past the machine though. I can't wait to try it!

My bank account was refunded in full today, after someone spent a few hundred £ with my card details last week.

Fuckers!

Most places in the US you don't have to sign if under around 20 bucks (some places a little higher and some a little lower, depends on what kind of agreement the store has with the bank).

A lot of places also ask for the billing zip code, which I think is a pretty good security mechanism.

It will be interesting how Paxum and the others deal with it...

In the UK you only get Chip and Pin - The problem is that most businesses don't know they have the option to still use swipe - That means you cant use Paxum in shops...

It also messes with the Americans as they cant use their cards anywhere.....

The US won't use the pin solution I've heard because its to expensive. It's something like $15 for the pin / chip cards vs $2-$3 for chip / signature. Visa and MC doesn't want to invest that much to flip out the millions of cards here even though the pin system is a much stronger secure solution. ( figures :upsidedow )

In most Euro countries it is a few years that all the Visa's (new or renewed) got the chip.

"Whenever card fraud happens, we need to determine who is liable for the costs. When the liability shift happens, what will change is that if there is an incidence of card fraud, whichever party has the lesser technology will bear the liability."

The consumers and Merchants should get ready to get their ass reamed, in favour of he banks, It will be anyone else's fault ,but the banks :2 cents:

Implying merchants don't get their asses reamed now? Mine feels pretty reamed.

There the bitcoin would help because 1) no stilen card frauds, 2) no chargebacks i.e. no friendly fraud, 3) no fees. However, it may take 30 years (2040) for old people to die and younger ones who are bitcoin native to have money.

http://bitcoinity.org/markets/image?span=7d&size=medium