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Visa To Push Swipeless Credit Cards
BobPaul wrote in to mention an initiative by Visa to allow for swipeless credit card transactions. From the article: "...consumers need only wave credit and debit cards within a few inches of a reader to complete a purchase. And for purchases of less than $25, no signature is required...Each transmission between card and reader has a unique code that cannot be reused even if it is intercepted". Update: 02/25 16:06 GMT by Z : References to RFID technology removed.
This is a contactless credit card, ISO 14443. RFID is ISO 15693. They are different. The article never mentions RFID. Slashdot has inserted something that was never there. This is misleading, dishonest, and unprofessional. There are MAJOR DIFFERENCES between the technologies. You would think that a techie site like /. would know better.
Lasers Controlled Games!
A few years back I was working retail at a store where the manager told us to require ID for all credit card purchases. Some people would get so upset about it. I don't know if it was because they believed that we were accusing them of being dishonest, or if they were just lazy.
There's plenty to be said about not treating your customers like criminals (DRM, copy-protection), but it seems to me that, as a consumer, I have just as much to gain from protecting my credit card as a business does.
Interestingly enough, I've heard that part of some contracts that retail outlets and credit card companies make nowadays specifcally state that the credit card companies do not want you to check ID's. Apparently they want credit cards to be as convenient as possible so that consumers will ring up as much debt as possible, so the banks can collect interest and fees. I guess if that's true, the ratio of fraud to legit purposes isn't so bad.
I've got see-ID on the back of my cards too. Sometimes they'll flip the card over and pretend to look at it, then give it back without asking for ID. Amazing. If they do ask for ID, I make it a point to thank them.
One time I threw a brick at a duck.
What happens when shopping malls decide they don't generate enough revenue by rent alone...
1)install reader in door frame
2)print EULA on doorstep stating there is a $5 charge to enter. "By stepping over this threshold you agree to the following terms...."
3)...
4)profit!!
or Blockbuster:
1)Take out advert at superbowl "THE END OF RENTAL FEES"
2)Place item at #296 in the website FAQ - "There will be a $15 charge for entering the store
3)...
4)profit!!
No signature needed for under $25, works from a few inches away?
I forsee myself building a better antenna for my visa charging device and running through a crowded area charging everyone 24.99 as I pass by.
11*43+456^2
I had one of those cards a while ago... I glued a picture of Chris Rock on the front of it, and not ONCE was I ever questioned (even though I'm a white guy)...
I work part time in retail and our store used to have a policy about asking for ID with every CC purchase, but Visa threatened to pull out of our store because of it...
The CC companies and orgs do not want under any circumstances for retailers to ask for ID, even if the card is not signed. They are also against any and all PIN initiatives, or any other thing that might prevent credit cards from being used.
Even if there is a fraudulent charge, the only people that lose money are consumers. Retailers and Credit Card companies have insurance against fraudulent charges, and the cost of those premiums is worked into the merchant rate, which is passed along to consumers.
This is why CC companies and retailers DON'T CARE ONE BIT if a CC is stolen. If the retailer gets charged back, they just claim on their insurance, and pass the premium costs along to the consumer. If the chargeback is denied and the CC has to write it off, they claim _their_ insurance and pass the cost along to merchants, who then pass it along to consumers. If the thief gets away with it, the consumer is stuck with the bill for the fraudulent charge.
So, in any case, it's the consumers that are screwed, as usual.