New
#10
I wonder if plain old alumin(i)um foil will work, wrapped around the card in my wallet...
The Risk inside your credit card
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New #14
Maybe not. I believe they cost about 50c per card and the basic card is about 5c and then they have to have the reader at the retail shops.
Jim
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New #15
My credit union's monthly newsletter said they would begin phasing in "new technology" credit and debit cards this year.
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New #16
You would be surprised how many retailers already have the technology. I worked for Circle K until they angered me one time too many about five years ago and the readers capable of detecting the chips in the new cards had been installed a year before I told them to take their job and shove it. This company was still using 9-pin pin-feed printers a mere three years before that. I've also seen the readers elsewhere.Maybe not. I believe they cost about 50c per card and the basic card is about 5c and then they have to have the reader at the retail shops.
Jim
I read somewhere that there was a target date of something like October 2015 to get the new cards and reader in place everywhere, including eliminating swipe and sign. All cards, debit and credit, are supposed to be PIN protected by then; no more signing. I think that's great since so many places don't require people to provide ID or even sign for credit purchases anymore, making it too easy for people to use stolen cards. I have no idea how that will work for internet purchases.
Edit: While not the same one I saw, this article says essentially the same thing.
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New #17
U.S.A is lagging behind many other nations that have already changed over to the EMV (Euro MasterCard Visa) chip card and yes Oct 15 is the deadline for USA for the changeover.(50% of card frauds take place in U.S.A.)
In India, we have already received the replacement "Chip and Pin" cards. My credit card requires me to punch in the four digit PIN at the POS terminals. I can login and change my PIN at will through the cardissuer's website. For online transactions a transaction is completed only after punching in a OTP (One-Time- Password valid for 10 minutes) received on my registered mobile. Also we receive an alert on our mobile whenever a card transaction is completed irrespective of the amount involved..
My six digit debit card PIN can only be changed on my Bank's ATM and for online transactions I receive the OTP on mobile as well as email.
Effectively there are additional layers of security to prevent fraudulent transactions.
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New #18
Just out of curiosity, how does an online transaction get completed if the card holder chooses not to have a mobile device? Reason I ask is my credit union is also talking about this exact same two factor authentication process with their new cards. Hate to admit it but being disabled and on a fixed income I don't have a mobile device because of the added cost.
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New #19
That is a very valid question. For some obscure reason everyone assumes that everyone will have a mobile as if it is such an essential commodity and you are a nobody if you do not have a mobile.( It is only when it came to such a situation, I reluctantly bought a lowly Nokia 1100, a basic mobile.Even my servant-maid has a "touch" mobile :))
It is just about a month since my banker introduced this OTP through mobile for online transactions instead of the earlier "Verified by Visa" password which I create and keep in my memory. When the payment goes through the Payment Gateway, it asks for the Password and I could give it from anywhere in the world since it resides within me.
At the time they introduced this OTP through mobile instead of that password, I was baffled and annoyed. It almost took someties upto one hour for me to receive the OTP on my mobile during the initial stages and the website where I am logged in to pay my bill will timeout.
I shot an angry mail to the card issuer as to why they are snatching away my control over the situation and introducing two other unreliable elements on the path - their pitiable servers that may generate the OTP instantly but transmit at a later time and the mobile network that is not all the best always. I also asked them when I go over to U.S.A. and sit there for three months, how do I pay my bills in India? I don't carry my mobile since roaming is a costly affair. Their stupid answer was that they are only carrying out the instructions by the Central Bank.
I told them they should also send the OTP through email as is being done by my other banker whose debit card I have. In its absence I shall stop using the credit card and channel all my transactions through my other banker's debit card where I can get the OTP on my google mail almost instantly and carryout the transactions from anywhere without a mobile too.( I do not rely on credit to buy anything or pay my bills.)
So the answer is to prevail upon your card issuer to send the OTP through email too or to find one who does it.:)
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