Discussion in 'Current Affairs, News and Analysis' started by PartTimePongo, May 6, 2006.
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It was only a matter of time wasn't it?
Cash baby, CASH!
Plastic crime unit - presumable that will be staffed with plastic policemen
Jordan the first to be arrested then?
How many millions of our money did the banks spend on this system, which seems to have lasted about 3 months before a major fraud is discovered?
This takes me back to late night discussions in the banking and finance world that I used to inhabit. There I was told the main reason for chip and pin had noting to do with security or fraud. When Chip and Pin first went into France I was told that C&P would mean that clearing houses would be closed as there were no vouchers to be checked manually and so staff could be lost. Insurance covered the losses that ocurred from the technology and so the companies were happy. The other services were then to be moved to India and Eastern Europe and so less money was to be spent on staffing and therefore more went into profits.
I thought it was a joke at first!
The next thing will be biometric chip and pin and the death of internet shopping I suppose if this is not an isolated occurence. There are a number of companies that no longer support internet shopping because of fraud.
This is the same petrol supplier who decided last year that they would no longer accept payment by cheque, due to 'security issues'.
This would explain my lack of dosh this month!
The other main reason for the introduction of chip and pin is that under the old system banks and retailers picked up the bill for any fraud because it was considered their fault for not checking signatures properly but under chip and pin the responsibility now rests on the consumer. If someone manages to use your chip and pin card its (normally) because you were slack with your pin.
Cheques still require clearing house staff and so I notice that BP are next in banning their use as of 1st of June. Another nail in the coffin of banking staff and also a knock at the poorer families who may be given a cheque account but not a card. Also stops people writing a cheque which will have funds when the cheque clears but not when it was written. Insufficient funds at the time of purchase equals 'no sale' - though on the margins are marginalised further still!
OldRedCap's Crime Prevention Theory #1. "What one man invents, another man circumvents" Saved my employer fortunes when the snake oil salesmen from securiy systems came calling
I donât know if anyone has noticed but b4 you handed over your card and you used your signature to confirm your transaction, now u type in your 4 digit number, which is obvious to those behind you and the cahier, not exactly rocket science for fraud is it?
The fraud is relating to a tapping of the machine, not people watching from behind. Those from behind have to then steal your card in the case you mentioned, not especially easy.
My signature is unfortunately too easy to forge, I feel much safer with chip and pin. I have also noticed that people look away why I type my pin in, anyone watching tends to be quite obvious.
They reckon the introduction of chip and pin has increased violence related crimes slightly, but has reduced card crime massively. Remember in the old days all you had to do was copy that magnetic signature and write in a signature (or steal/find a card and copy the signature). With chip and pin the personal data is more secure.
Sorry, but I like it and I think it will overall reduce fraud, it will have its problems, like any new system, but don't shoot it down before giving it a proper chance.
In my opinion, I personally think that biometrics using a thumbprint would be a lot easier instead of chip and pin because in my own experience it is a nightmare.
No end of times I have been shopping in the local supermarket and the cashier have said my pin number have not worked although it was the supermarkets fault because the machine kept playing up so I have had to put my signature on the transaction instead
The machine are so small and for some one who as other problems its a nightmare to use
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