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Mastercard, Visa Explain Why Your Credit Card Isn’t Safer

Thursday, February 20, 2014 - 7:08 PM
"For years, the credit card industry has been nudging all players in the U.S. payment system--the banks that issue the cards, merchants that accept them and financial firms that manage the transactions--to convert to chip. But they all balked at the multi-billion investment needed to make the switch. Enter the "liability shift."  Credit card companies--MasterCard, Visa and the others--laid down an ultimatum three years ago that any actor without chip technology in place by October 2015 would have to bear the cost of fraud. This proposition was a hard sell, but it got a lot easier after hackers stole information from over 100 million Target customers."

MasterCard, Visa explain why your credit card isn’t safer
6
ShorebreakShorebreak2,381 posts since
Apr 6, 2010
Rep Points: 12,717
1. Friday, February 21, 2014 - 11:17 AM
"For years, the credit card industry has been nudging all players in the U.S. payment system--the banks that issue the cards, merchants that accept them and financial firms that manage the transactions--to convert to chip. But they all balked at the multi-billion investment needed to make the switch. Enter the "liability shift."  Credit card companies--MasterCard, Visa and the others--laid down an ultimatum three years ago that any actor without chip technology in place by October 2015 would have to bear the cost of fraud. This proposition was a hard sell, but it got a lot easier after hackers stole information from over 100 million Target customers."

MasterCard, Visa explain why your credit card isn’t safer
We are in the banking dark ages. Chip and Pin has been in use in Europe for at least five years and is thought to have reduced credit card fraud by about 80%. 
2
MidAtlanticMidAtlantic15 posts since
Jun 5, 2012
Rep Points: 67
2. Friday, February 21, 2014 - 3:17 PM
That's the way everything is in this country. Reactive instead of proactive. Corporations would rather wait until something goes wrong, like fraud, than spend money now to prevent the future occurrence of it.
2
ShorebreakShorebreak2,381 posts since
Apr 6, 2010
Rep Points: 12,717
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