Chip and Pin

Discussion in 'Finance, Property, Law' started by heard_it_all_before, Mar 12, 2008.

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  1. Credit Card fraud increases by 25% since introdution of Chip and Pin

    So, for all those singing the praises of 'Chip and Pin', you may like to read this: http://news.bbc.co.uk/1/hi/business/7289856.stm

    Feel safer now?

    This goes to prove that we have crossed the line in the sand and that all citizens are 'guilty till proved innocent'.
     
  2. Ord_Sgt

    Ord_Sgt RIP

    Did you bother to actually read the article?

    My bold. You still don't need the chip or PIN number to use a credit card over the phone.

    So your comments are a load of codswallop. I'll let you off because its a bit early. :oops: :wink:
     
  3. TheIronDuke

    TheIronDuke LE Book Reviewer

    Chip & PIN was obsolete when the banks introduced it. They bricked it. They knew the security risks involved, ie; it will only protect you at POS or an ATM, but baulked at digging into their profits for a foolproof biometric system.

    And who pays the bill? I dunno. Who do you think pays bank charges? Ah yes. That'll be us.

    Thanks, banks.
     
  4. I used to work as a Project Manager within retail banking for the bigger Scottish bank. I worked on chip and Pin for a while and its sole purpose was to remove the fraud risk from the bank and place it on the customer. This was a way of increasing profits and reducing some of the fraud that happened using the signature / magnetic swipe system.

    This new system was always going to be open to fraud because the chip retains a static recognition code where as the one designed and operated by French banks change the code every time the card is used. However it would cost about £1.50 for each card rather than less than 50p for the British chip and Pin card.

    The second reason why it fails is because if the chip is "damaged" then the fall back system is the old magnetic swipe!

    I am surprised that it took so long for this to happen to be honest.
     
  5. Yes I did read the whole article, so what you are saying is that the banks have no responsibilty for card transcation that aren't via Chip and Pin? Bollox!

    Surely as the Banks issue cards with all types of transaction facility, 'over the phone' being one of them, then the whole system needs to be squeaky clean. The whole 'over the phone' system is a shame. Once some cnut mugs you and takes you wallet, you're fcuked.

    Firstly, the 3 digit number for card transactions is one the back.
    Secondly, the phone number for reporting it lost is also on the back of the card.
    Thirdly, how the fcuk do you know what the minimum wage worker on the other end of the phone has done with your card details?

    So by the time you get home and dig out a statement with the phone number on, your card and account will probably be empty.

    Over the phone transaction should be done securely i.e. type in your chip and pin on the key pad. When you ring a credit card company you normally get an automated service whereby you have to type in your cards 16 digit number along with DoB and other security info. This proves that the technology is there but they don't want to pay for it as it would take huge chunks out of there annual profits.
     
  6. Ord_Sgt

    Ord_Sgt RIP

    Never mind mate, and breathe.

    Don't like the service, bank with a bank that provides it? No need to restrict yourself to UK main banks anymore, globalisation dontcha know ;)
     
  7. Ord_Sgt

    Ord_Sgt RIP

    Had a Visa card with Citybank with my picture on the back for 9 years now.

    UK banking sector sucks. An example, I transfered some money on the net, from Netherlands to Spain, it was there at midnight the same day. Do that from the UK and they hold onto your money for 4 days. Four days FFS. Rip off Britain mate, they only do it though because you let them.