When the credit cards with chips and security pins were introduced, it was presented as added security as the customer now had to enter a PIN in order to approve the transaction. Fast forward a year or two, and 50% of my credit card purchases in person are still being swiped and the cashier having me sign the slip.
What happened?
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I don't know where you shop, but my experience is very different. It is rare that I'm asked to sign a slip, and I use my credit card everywhere I shop, except for two stores that only allow cash or debit cards.
I don't know where you shop, but my experience is very different. It is rare that I'm asked to sign a slip, and I use my credit card everywhere I shop, except for two stores that only allow cash or debit cards.
Same here in St.John's, as least for me and in the places where I shop.
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When the credit cards with chips and security pins were introduced, it was presented as added security as the customer now had to enter a PIN in order to approve the transaction. Fast forward a year or two, and 50% of my credit card purchases in person are still being swiped and the cashier having me sign the slip.
What happened?
Lots of places haven't upgraded their setups to be able to handle the CC chip stuff. The problem is that for the most part these stores have to physically upgrade their equipment to support eh CC's with chips which they don't want to do as they have already paid for the current stuff and it still works. If I was a store owner I probably wouldn't dish out the extra $$ to replace an already working system if I didn't have to.
I figured it would eventually be mandatory that all shops upgrade their systems to accept the chipped CC's.
I don't think anything is mandatory when it comes to that sort of stuff. I really can't see any major players in the CC industry saying "do this or we won't take your money anymore" ... there are also a lot of layers in this equation (CC clearing houses, equipment manufacturers, banks, etc). Sometimes they rent the hardware, sometimes they own the hardware. When you get into larger chain stores it's often custom hardware as well so changing over for someone like Futureshop or Best Buy could end up costing a boatload of $$.
I don't think anything is mandatory when it comes to that sort of stuff. I really can't see any major players in the CC industry saying "do this or we won't take your money anymore" ... there are also a lot of layers in this equation (CC clearing houses, equipment manufacturers, banks, etc). Sometimes they rent the hardware, sometimes they own the hardware. When you get into larger chain stores it's often custom hardware as well so changing over for someone like Futureshop or Best Buy could end up costing a boatload of $$.
Last I heard, the deadline was March 31, 2011. After that, the liability for fraudulent use of Visa and MasterCard cards shifts to the retailer. It's more a matter of shifting liability than demanding compliance.
Last I heard, the deadline was March 31, 2011. After that, the liability for fraudulent use of Visa and MasterCard cards shifts to the retailer. It's more a matter of shifting liability than demanding compliance.
I don't know about debit cards.
Yep I can see them taking that approach. I think it still comes down to a cost factor for most businesses though. Shelling out now for expensive electronics to replace already working ones, or taking the chance that you might get shafted out of some money at some point if someone pulls off some CC fraud.
Sadly most retailers are probably ignorant of the fact as to who is at risk should the transaction be fraudulent ... most retailers I've dealt with can barely make the machines work let alone know the in's and out's of how it all works in regards to risk
I just had to get a new debit card because someone in chile apparently got into my account. The bank covered thank god, but this card did have the chip on it.
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