701–710 of 720 posts
If this happens with Coin then I guess I'm screwed and embarrassed.
I agree wholeheartedly - the idea is good
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I dont sign my cards ever, why would I want a thief to see what my signature looks like?
Great. That way they can just sign it themselves. That way if a merchant does signature verification, it matches! And then when your CC company comes back and says "Chargeback is in dispute. The signature matches" you'll have to explain why you didn't follow the terms of the cardmember agreement. Now, this is all very hypothetical for many reasons, but generally it's my practice to follow cardmember agreements that I…
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Much easier to do in Canada with the number of banks involved. The US would be an entirely different story. The lack of chip card support in Coin effectively makes it a US only product at this point as most of the card-heavy countries have moved past mag swipe (or, are in the process).
You can magstripe in much of mainland Europe still. The Chip and Pin machines have a channel to swipe. There are very few places where you hand over a card. For example, in the train stations, the machine to swipe a card is on the same side of the glass as the customer. The agent never handles your card. So they might be more accepting of Coin (given that they don't see that it is different) than American businesses.
It's entirely possible that Coin may still be useless outside the US if most machines will reject your card's strip.
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I don't know why the US hasn't adopted EMV. It's not perfect, but it has cut down fraud massively here in Europe. They're very hard to clone (I won't say impossible, but attacks against EMV have not generally been of this nature) and the transaction records at both ends will tell you whether the actual, real card was there. The liability is more clear-cut as a result. If the customer claims the charge was unauthorise…
I want chip and pin cards SO BADLY here. Mainly because it would make my trips to Europe a lot easier, where many systems I've encountered won't work on some non-EMV cards.
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Does deactivated mean erased? From what I understand...there is some sort of memory chip on the card that stores the credit card numbers and info for every card, right? So what is to stop some chip from bypassing the OS that manages the multiple cards and just reads the raw data? Sure, it may be 128-bit encrypted, but if they have the raw dump - then it's just a matter of brute forcing it to eventually crack it...no?…
Brute forcing 128 bit encryption, depending on the algorithm used, is not trivial. Remember, the difficulty goes up EXPONENTIALLY for every bit you add.
Just that it is much easier to do that - when you can set computer power to it locally. i.e. you can download all the credit card data onto your local hard disk and throw computing power at it....as opposed to trying to compromise a remote server that may be monitored.
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"Everywhere" else in the world has managed - the combined population of countries that have deployed EMV / chip and pin is vastly higher than the US. And it is coming to the US too, in some form or other: Pretty much all the major banks have committed to introduce it (though in some cases chip + signature) by mid 2015.
Right but it's not monolithic. States in the US are not meaningful borders economically speaking. So you can't just do one state at a time, or one region. I'm not saying the US isn't behind the times, but where else has a singular rollout of tech like this been done on a US scale?
Of course you can. Countries outside the US did it city by city, bank by bank.
In fact, the US is in the process of a gradual rollout of EMV cards now - a mix of chip+pin and chip+signature cards. The aim for when to complete the transition varies by state, bank, and type of merchants, but most aim to be complete by mid 2015.
There was no big bang switchover anywhere that has already made the transition to my knowledge.
The banks did rolling releases of chip and pin cards as people were issued new cards over a period of years before the switch was complete. When the first people got chip and pin cards there were no locations where they could use the pin.
And in the UK at least, it took a couple of years before you had to use the pin even when faced with a chip+pin terminal - you could keep opting to sign for a long time.
Doing a singular rollout of tech like this is stupid and unnecessary.
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I simply do not buy pants which don't come with extra pockets over the thighs. They are really hard to find, but they Solve The Problem. (I'm Brazilian, but atypical in this habit)
Wait, there are trousers which don't come with pockets in the front/over the thighs?!
Unlike the upper pockets, those extra two are in an area which you don't squeeze when sitting.
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These are "electronic" credit cards, they've been around for years and they are flat so not to be usable for offline processing (that's when they take an imprint, you sign it, they take the imprint to the bank and it settles in a week).
> "for offline processing" Agree, SUPER clever idea. I'm wondering how this would work to make purchases _online_. I know, I know. I'd use my real card. But it strikes me as ironic that the big idea for this digital card is that I don't have to carry my 'analog' cards around. Unless I want to make a digital purchase. Then I need my analog card.
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Except at the post office, which will outright refuse any card that is not signed.
Technically, the card isn't valid unless signed. Most credit card companies prohibit the "See ID" that some people put on their cards in place a of a signature.