When paying with plastic, why swipe? Just wave

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RE: When paying with plastic, why swipe? Just wave

This has to be the stupidest thing I've ever heard. They're waste more money implementing these features than fraud would accumulate over the span of two years.

This whole high-tech credit card mumbojumbo is getting too out of a hand. I mean, on paper it might sound like it could work but in actuality it is very foolish, waste of money and is nothing more than "peace of mind" security.

So let's just say you're credit card has a chip on it...you spill water on your card or you drop it in a puddle, who knows what happens, you would probably have to front up maybe $25-$50 every time your card is damaged or worn out because these chips on the card definitely aren't cheap.

Next, ALL of your personal information will be stored on this chip. So instead of a thief just stealing your card number and only have your first and last name, now they'll have all of your information too. There are already chip readers and encoders out on the market to do the exact same thing that thieves are doing with the magnetic strip!

It won't be harder for them to steal your identity now, it'll be THAT much EASIER.

Credit cards today are very durable and the credit card companies are offering zero liability fraud protection. Aside from getting a little headache over someone using your credit card there's nothing much else to worry about. But now if they implement this ridiculous chip, the thieves will have all of your information to actually steal your identity instead of making a few hundred dollar purchases.

Even if the information on the chip is encrypted, hackers will have no problem decrypting that information...but now let's say the information in encrypted, ALL merchants will have to get all matching readers and in order for these chip credit cards to work anywhere in the world, EVERY merchant on the face of the planet will need to accept this new system and front up the money to get it.

There's a saying in the underground community; "No system is unhackable unless you disconnect it from the internet by ripping the cable out of the wall, wrapping your computer in chains, burying it six feet under, pouring cement on it and setting up laser alarm systems all around the parameter and even then it's not completely secure."

The intentions from the credit card companies are good but in a practical-sense, this is a waste of time and not very efficient especially since credit cards are extremely easy to use now.

Not only that, but who knows what kind of problems will happen with the technology on the chip. The last thing someone needs is a software error when they're stranded at an airport half way across the world.

Fraud will never end for the same reason theft is still around. Desperate times require desperate measures and money is king.

The best course of action you can take is keep a close watch on your monthly statements and let visa/mastercard give you your money back.

Your protected from fraud.

Posted by: RolliePollieOllie   Posted on: 02/01/09 You are currently: a Guest | Members login | Terms of Use

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