The Risk inside your credit card

[Lady Fitzgerald]

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.

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.

That same question ran through my mind. I do have a mobile for emergencies but it is an ancient prepaid thing that gets turned on only when I need to use it and I do NOT give that number out so scammers and telemarketers won't abuse it like they do on the landline I'm about to yank because of them.

Online account access for my credit union requires a temporary, onetime access code in addition to a password each time I log in unless I register the computer with them. That code can be received either by text message to a mobile phone or by email. I use email when the cookie that holds the account registration gets removed and I need a new access code.

I'm all for increased security but not to the point I'm unable to use my own accounts. It's even worse than child resistant caps (which most children can open anyway) on Rx bottles. At least I'm able to get my Rx with easy open caps.

 

[marsmimar]

Thank you jumanji and Jeannie for your input. Today is a federal holiday in the US and our banks and credit unions are closed. I think I'll use this time to compose an email asking how they plan to accomodate customers who don't have a mobile device. I'll try to use simple one syllable words so the person who receives my email will (hopefully) understand it.