Originally Posted by jyl (Post 7900675)

Huge credit card data thefts that have hit US retailers in the last few years. Target was a huge one recently, TJ Maxx before that, and smaller thefts occur all the time.

There were some weird charges to my MC last month. Walmart purchases I never made. I called the card company to contest the charges and get a new card. The call center lady told me they have been slammed with similar calls, but expect the real wave of fraudulent charges in a few months.

It turns out that by 2015, credit cards in the US will move to a European system of chips embedded in the card, and a PIN that the consumer keys in. This is supposed to be more secure than the current magnetic stripe and signature system.

My question is, what do you think about the chip/PIN system? Those who have used it?

Originally Posted by LakeCleElum (Post 7901758)

Chip cards have been common in Europe since the mid-90's.

The problem is the new "Chip" cards in the US is they still have the magnetic strip also. Called a "Hybird" card.......That were most of the fraud comes from, so no more secure at all.

For a true "chip" card in the US, retailers would have to have new hardware to read the card.

Also, card companies produce cards with the strip for about $1 a card. A chip card is more like $3 per card......Some banks have chosen to pay the cost of fraud vs more to produce the more expensive card.

There is a push to require retailers to have the chip reading systems by some date in 2015.....

Originally Posted by Christien (Post 7901079)

I think the tap to pay is only usable up to certain amount, for small purchases. It's really convenient for things like a coffee, couple things at the convenience store, etc.

I don't think they still provide non-chip cards in Canada anymore - we've had chips for years now. Feels weird when I'm in the states and have to swipe my card :)