US Govt Pushing for Chip + PIN

[ionbasa]

 

American banks and stores may already be planning to tighten your payment security, but the White House wants to give those efforts a boost. President Obama has signed an Executive Order that will require the federal government to both issue more secure chip-and-PIN (aka EMV) payment cards and upgrade terminals to match.

http://www.engadget.com/2014/10/19/white-house-payment-order/

 

and:

Under the order, government-issued cards that transmit federal benefits such as Social Security will have microchips embedded instead of the usual magnetic strips, as well as associated PINs like those typically used for consumer debit cards. A replacement program for the cards is set to begin on Jan. 1 of next year, with the goal to have more than 1 million such cards issued by the end of the year, Obama said at the federal Consumer Financial Protection Bureau, according to a press release.

http://www.pcworld.com/article/2835832/obama-orders-chipandpin-in-government-credit-cards.html

 

So, this will first come to government issued cards and government locations that require you to make a payment (ie DMV office). This should hopefully push more banks to adopt the chip and pin model. Personally, I have a Citibank account and I am due for an new card which is chip and pin around december. Its nice to see some banking institutions becoming more proactive in their clients' financial safety. Hopefully the official adoption of chip and pin by the government will make its way to general public within the next few years.

 

Honestly, Swipe and sign needs to die in a fire by now. My father has an business card which is Chip + pin, but its has a hashed security code to authenticate transactions. Now thats security!

[Tech_Dreamer]

America is always pushing someone or something..

 

create a secure system with an easy backdoor from them , yeah right real secure..

[Psykomantis00]

Doesn't the UK and other parts of the world do this already? Aren't we like, really late to the game with it? 

[thekeemo]

In Canada we have tap2pay which is horrible because anyone with the card can use it but yes pins are the way to go

[xToFxREAPER]

Man ive had a chip card like that for YEARS already like yeah you guys are pretty late to that game haha

 

 

In Canada we have tap2pay which is horrible because anyone with the card can use it but yes pins are the way to go

I agree about tap, im starting to see it everywhere and its the worst idea ever. ive even seen a few nfc enabled phones support it once you save your card information into it which is even worse.

[ionbasa]

Doesn't the UK and other parts of the world do this already? Aren't we like, really late to the game with it? 

Yes, the US is really behind in most regard. Most retailiers don't have chip and pin point of sales readers yet, although ironically Target has had them for awhile.

In Canada we have tap2pay which is horrible because anyone with the card can use it but yes pins are the way to go

We have that here too, its called contactless smart cards, for the most part, it was pushed by Mastercard here in the US.

[mr moose]

Doesn't the UK and other parts of the world do this already? Aren't we like, really late to the game with it? 

 

Yep, very late, I have had chip and pin for quite some time now, Australia introduced it years ago.  Also our super markets have been trialing NFC stickers that are pretty much the chip from a CC that you stick on the back of your phone, So even if you don't have an NFC enabled phone you can still pay with tap and go (paypass) without needing your wallet.  Also the four major banks all have android apps so you can pay with an NFC enabled phone. 

[Ssoele]

Here in Europe, we've already been using Chip and Pin for over 10 years now. America is really slow to adopt as usual.

[DeViLzzz]

In regards to the mentioning of tap to pay being a bad thing it may allow thieves to use your card easily but I like the convenience.  Just as with any other fraud if you find you lost your card or have charges on it that you didn't make you report it.  Simple as that.  Now if they got rid of tap to pay I wouldn't complain about it though.

As for the U.S. not using chip and pin for everything by now I can't believe how backwards they are.

[ionbasa]

Someone correct me if I am wrong, but with tap to pay, doesn't the embedded chip in the card produce a hash/security code for that specific transaction at the specific date and time?

 

Meaning that if your card were to be skimmed wirelessly, a thief wouldn't be able to use the skimmed nfc info.

[Shalashaska]

UK has had this for literally years, as long as I can remember.

[DigitalHermit]

Might be pointless for ATMs... There was a case here where the thief used tree sap to get a bunch of money from an ATM...

[mr moose]

In Canada we have tap2pay which is horrible because anyone with the card can use it but yes pins are the way to go

 

 

Man ive had a chip card like that for YEARS already like yeah you guys are pretty late to that game haha

 

 

I agree about tap, im starting to see it everywhere and its the worst idea ever. ive even seen a few nfc enabled phones support it once you save your card information into it which is even worse.

 

We've had that for sometime, Apparently it cost 2c for $100 in credit card fraud, however that is half the rate of conventional CC fraud and 1/3rd that of international.  There is also a $100 limit on tap and go and if you report it straight away the card is cancelled instantly.   That is why the financial institutions are pushing for it, it is actually harder to defraud because you physically have to steal the card.

[mr moose]

Someone correct me if I am wrong, but with tap to pay, doesn't the embedded chip in the card produce a hash/security code for that specific transaction at the specific date and time?

 

Meaning that if your card were to be skimmed wirelessly, a thief wouldn't be able to use the skimmed nfc info.

I don't think so, but the problem is to skim it wirelessly you have to be within 5cm of the card (or there abouts).  As I said above, it is much safer because in order to use the card you have to physically steal it first. You can't just make a copy of the numbers like you used to.

[Psykomantis00]

Yep, very late, I have had chip and pin for quite some time now, Australia introduced it years ago.  Also our super markets have been trialing NFC stickers that are pretty much the chip from a CC that you stick on the back of your phone, So even if you don't have an NFC enabled phone you can still pay with tap and go (paypass) without needing your wallet.  Also the four major banks all have android apps so you can pay with an NFC enabled phone. 

 

Most places here have had NFC readers on the machines for a while but they were not active. A guy I work with had to talk to the vending machine guy to enable NFC on the vending machines so we could use google wallet. The ironic thing is, once they enabled NFC, they disabled google wallet and only allow ISIS to use NFC. 

[thekeemo]

We've had that for sometime, Apparently it cost 2c for $100 in credit card fraud, however that is half the rate of conventional CC fraud and 1/3rd that of international.  There is also a $100 limit on tap and go and if you report it straight away the card is cancelled instantly.   That is why the financial institutions are pushing for it, it is actually harder to defraud because you physically have to steal the card.

or if you forget your wallet and some shady person finds it..

[isteelsolz]

I live in Australia and the Debit card I received 4 and a half years ago has a chip. I haven't had to swipe my card to pay for an item in several years. All pin pads these days ether have contactless payments or require you to insert the card in the bottom chip first. They still have the normal magnetic stripe reader but if you have a chip it will just ask you to insert it instead when you try to swipe.

[Fred Castellum]

Nothing is really "secure" it's just harder to "fake". 

 

I personally just carry cash, I don't use cards =/

[mr moose]

or if you forget your wallet and some shady person finds it..

Then it is no different from strip and sign.

 

But as I said, the financial loss through chip and pin (that includes loosing your wallet and some random person deciding to capitalise on the find) is lower than traditional CC fraud.  And so long as you can prove you didn't use the card and report it stolen (even after the fact) you are not liable for the cost.

[xToFxREAPER]

We've had that for sometime, Apparently it cost 2c for $100 in credit card fraud, however that is half the rate of conventional CC fraud and 1/3rd that of international.  There is also a $100 limit on tap and go and if you report it straight away the card is cancelled instantly.   That is why the financial institutions are pushing for it, it is actually harder to defraud because you physically have to steal the card.

Ive talked to a few guys here about it and ive been told that tap payment is capped by the store most times. In most cases (At least where i live) they are capped at about $50 so even if your bank allows up to $100 you will still be limited to that $50 purchase within that specific store. Personally i called my bank and set mine to a limit of $5 per transaction, The ONLY thing i ever use tap for is to buy my coffee on my way to work so even if my card does somehow get stolen or lost they cant do more then $5 a transaction

[mr moose]

Ive talked to a few guys here about it and ive been told that tap payment is capped by the store most times. In most cases (At least where i live) they are capped at about $50 so even if your bank allows up to $100 you will still be limited to that $50 purchase within that specific store. Personally i called my bank and set mine to a limit of $5 per transaction, The ONLY thing i ever use tap for is to buy my coffee on my way to work so even if my card does somehow get stolen or lost they cant do more then $5 a transaction

 

that's smart banking practice. In Australia it is $100 everywhere.

[xToFxREAPER]

that's smart banking practice. In Australia it is $100 everywhere.

Haha im kinda paranoid about that kinda stuff but it pays off in the end.

[thirdworldking]

Yep, very late, I have had chip and pin for quite some time now, Australia introduced it years ago.  Also our super markets have been trialing NFC stickers that are pretty much the chip from a CC that you stick on the back of your phone, So even if you don't have an NFC enabled phone you can still pay with tap and go (paypass) without needing your wallet.  Also the four major banks all have android apps so you can pay with an NFC enabled phone. 

im with common wealth do you know how to pay with your mobile phone nfc without buying the sticker i cant seem to find it in the app.

[Octagoncow]

It's about dang time!

[That Norwegian Guy]

Damn my dirty mind, keep reading 'fap to pay' even after I know it was 'tap to pay' after the first time I made the mistake.