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EMV Technology In Credit and Debit Cards Reducing Counterfeit Fraud, Says Visa (usatoday.com)
An anonymous reader cites an article on USA Today: The new chip-enabled cards flowing into the U.S. marketplace have already made a dent in fraud, with some of the biggest merchants seeing a dip of more than 18% in counterfeit transactions, according to Visa. Among the 25 merchants who were suffering the most instances of counterfeit fraud at the end of 2014, five that began processing credit and debit cards equipped with the new EMV technology saw those infractions fall 18.3% as of the final quarter of 2015, says Stephanie Ericksen, vice president of risk products at Visa. Meanwhile, five of those merchants who were not yet equipped to handle chip-enabled cards saw an increase in fraudulent transactions of 11.4%. "We're seeing EMV is having a positive impact on counterfeit fraud," Ericksen says. "Merchants who implement chip, their counterfeit fraud is going down, while those still finalizing plans, their counterfeit fraud is going up."Also from the report, "Visa on Tuesday also announced a software upgrade that will shave the amount of time spent on chip card transactions. With 'Quick Chip,' consumers can dip their chip cards into the terminal and withdraw it in two seconds or less, instead of waiting until their purchase is authorized. The consumer can 'put the card in the terminal and put it right back in your wallet and . . . move to get their coffee, or hamburger or start bagging their groceries,' Ericksen says. Ars Technica has more details.
With the potential speedup. I intentionally avoid/bring cash to places that have the chip slot enabled because it typically takes 5 times as long to process the transaction.
Now how about more of you merchants finally move forward with contactless payments?
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Most of the rest of the world has had EMV for about 10 years, often wondered why it never caught on sooner over there.
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what does that translate into reduced fees for us????
oh wait....
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Simply put a chip inside everyone's fingers that uniquely links them to the transaction. That would eliminate fraud almost entirely. The problem is that Christians believe such a chip would be the mark of the beast, based on the accounts of a delusional drug user in the Biblical book of Revelation. We're it not for this ridiculous paranoia, we could eliminate the rest of the fraud.
The old auths used to take us about 5 seconds, but now they take over 45 seconds. I work in IT for a chain of convenience stores, so that's a big problem. Most of the stores have gone back to swipping out of frustration.
just have that anywhere but forehead or right hand and that objection wouldn't hold
having the government "brand" you should be the bigger issue, then they can make you an "unperson" with the flip of a switch
and was that biblical writer a drug user like you imagine, or were they writing allegory about totalitarian state and level of control over people? maybe even making a valid point "and that no one could buy or sell, except they had the Mark..."
In my experience, they could speed things up a lot if they'd start putting the chip slot on top. I'm 6'3", and can't see those stupid slots on most of the current local checkout terminals. I swipe my card by default, only to have the machine tell me to stick it in some hole I didn't even know was there because the thing is at waist level with the slot on the front of it. I have to bend over and search for the damn thing, and start over. If the slot was on top, I'd know it was there and would just do that from the get go. It also doesn't help that some of these same models of machines don't have the chip reader installed, but do have the slot that's filled with a plastic blank; It's anybody's guess at this point.
Like so many transitions, they were underambitious and didn't go far enough in the first round. They should've gone straight to chip-and-pin, which Europe uses, and enhances security further.
They worried that having PINs would confuse people, etc. etc. Boo hoo. If history shows anything, it's that providers way overestimate the cost of making these upgrades, and people get used to it and get dragged into the future quicker than you think, and there's no point delaying. Grandma needs to switch, and will deal. Two more years of delaying isn't going to make her any better at using credit cards.
So many decades of transitioning things like digital TV, paperless checks, etc, which are handicapped by half-measures. Just rip the bandaid off all at once. Most people only change when forced to anyway, so just do it now!
Look at the great (even just good) technologies that other countries use in their payment systems. Ability to run the credit card wirelessly at your restaurant table, split the bill, transfer funds (without cost and as a national system) between bank accounts, no more paper checks at all etc. Why can't we do that? A small minority of dumb people, that's who -- and we shouldn't let them hold us back.
It would have been nice if TFS or TFA had explained what EMV is. I only this past month got my first chip card (I'm in the U.S.) and had never seen the acronym before.
And yes, it is annoying to have to leave the card in there for so long, not to mention the card slots that are placed where they are hard to see. Even more annoying is that before I got the chip, I basically was never asked to sign for amounts less than $50. Now I'm sometimes being asked to sign for smaller amounts. I don't mind the industry wanting more security, but maybe they could think about the user experience side of things a bit more?
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I can only assume by the nature of what John saw that he either had some serious issues like epilepsy or that he was tripping on some strong drugs. There is some logic to interpreting it as allegory about the dangers of a totalitarian state, which in that case was Rome. The problem is, there are enough nutjobs who interpret it literally that they will prevent something like this from ever happening. And I'm not sure how physical branding would differ in your concerns from any other government issued ID, especially if it's ever done by biometrics. The basic concern about totalitarianism is valid if you don't take the book literally.
I'll have to look up how it works later but this is how it should work.
The card should sign a token given by the terminal for a one time transaction.
The token should then be used to finalize the transaction.
This is completely acceptable. If the terminal is simply copying the private key then it's completely wrong.
Amazing how that "drug user" predicted something that we're actually talking about 2000 years later...
Peter predicted that you would "deliberately forget" creation 2000 years ago...
Since this new chip was forced on me, the chip has worked zero times.
The system will require three attempts then ask the user to swipe the card using the old magnetic strip.
Several retailers have refused to accept payment using the card since the chip fails.
Prevents fraud and legitimate use. Win/win? I think not.
I'm a US citizen living outside the US. Let me tell you that these chip cards are a nightmare for us. They work about 50% of the time, with no rhyme or reason as to when they'll work or why. Trying the card a second time sometimes works. Sometimes the machines ask for PIN codes when there isn't one, other times not. When this happens, I can enter any random number and the transaction goes through. A card will work at a particular gas station one day, then not the next, then works again the following day. The cards will usually work in one store, or almost never work in another store.
Locals with the new machines have no idea what they're doing. Sometimes they swipe cards with no magnetic stripe. Sometimes they pull the card out before the transaction is done. Sometimes they argue with me telling me it's a debit card when it's a credit card.
And in all cases, whenever the card doesn't work at a purchase, the error message is "declined".
My chip Visa ATM cards work in almost no machines here, while the magnetic stripe cards did. Some give the wrong menu options on ATM machines, allowing "savings account" as the only option when I have only a checking account. Others work or don't at random. The error message is useless. Or sometimes I get different error messages depending on whether I select english or spanish at the ATM. In general, I have about a 1 in 5 chance of extracting some amount of money from a machine. When I call the customer support number on the back of the card, they swear up and down the card works just fine.
I'm slowly removing myself from a reliance on banks and even money in general. These idiotic chip cards are only encouraging me to hasten my exit.
I'm convinced this is about 10% pilot error at the point of sale, and 90% a technical problem on the bank servers in the US. The development was probably outsourced to the lowest bidding indian consulting firm.
Disconnect your television. Do your own research. Draw your own conclusions. They're probably lying. Don't be a sheep.
Not amazing at all because it's not the same thing.
The identification system that is being discussed is a means of identifying people uniquely for the purposes of credit transactions, not a replacement for cash.
The prediction was that the mark would be the name or number of the beast, without which nobody could buy or sell anything. Everyone would have the same mark.
The fact is that idiots freak out every time some form of identification is proposed and insist that it's the mark of the beast. The same freak out happened when social security numbers were introduced, when universal bar codes were introduced and, of course, now with RFID becoming widespread.
https://www.visa.com/chip/merc...
They might be great in Europe but they're really badly done here in the US.
The new terminals are just plain slow. Even without the chip, it often takes over a minute to approve the transaction, and (unlike before) you can't swipe the card and put it away until the checker has completed scanning all the items. More than once, I've just left a pile of bagged goods at the counter because the thing didn't work at all.
So I have simply stopped shopping at places that require the chip. Amazon ships most non-food things I need and I just pay cash at the grocery store.
Make these work at least as fast as the old way, and not require me to leave the stupid card in the terminal, and I'll consider going back to those shops. Otherwise, I'll probably just spend less; great for me, less so for the retailers and the economy.
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It's actually worse now: for about $20 you can get a stick-on chip to make your own cracker-card.
Chip-and-sign in the US is no more secure, but it has the brilliant advantage of allowing the victims to prove it wasn't their signature and recover from the banks.
davecb@spamcop.net
Are you so primitive youre still using little peices of plastic ?
I'm already cardless. Google it.
Seriously, whats with you guys ? Your financial systems are still like 1980.
and American Express was not pleased.
is the problem I see. Brand new shinny terminals knock out the transaction in 10-15 seconds tops. Beaten up old terminals from the early '00s still have the readers but they're processors weren't fast enough to do the cryptography. They're also dodgy and unreliable. Still, it beats waiting for someone to county out change from their fanny pack...
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I'm astounded at how poorly engineered the entire system is. The slot is hard to find (especially for tall people) and it takes way too long. Wasn't this system in Europe for 10 years? Didn't they test it at all before rolling it out?
I haven't seen anything faster or safer than Apple Pay, for example.
In my USA experience, it's not the actual 4-6 seconds that my chip card transactions take,
it is the sluggish and confusing UIs on the terminals that fail to immediately note the card is present,
then appear to go blank, then display a poorly drawn "do not remove the card" splash,
which was obviously an afterthought added when the terminals were put in front of actual users.
The UI problems are obvious, as everywhere I go there are hand-drawn warnings and instructions taped to the terminals, because the device itself isn't clear or obvious.
That's why a well-thought UI like Apple Pay appears effortless in comparison.
And *why* is the chip slot located at the bottom of these terminals, at a weird angle almost parallel to the counter?
The hand motion required to position the card is uncomfortable and out of my sightline.
Why isn't there a "dip" slot at the top of the terminal, where the card could be inserted vertically?
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My wife (a cash register driver) hates the new chip cards that have started showing up. Markedly slower to process than the mag stripes. Slows down her line and hurts her numbers.
I haven't experienced it yet. I just got my chip card last month, but no place I've gone so far supports them.
So you missed the article where the government is considering eliminating cash and going to pure electronic money with ID system
The USA does not have a national required ID
You don't read sci-fi or fantasy? plenty of sober writers write crazier things than the Biblical John, his work is mild and n00b level at best
The merchant has to pay more (EMV terminals are not free), the card holder has to pay the same (never had to pay for the card itself anyway, unless you pay an annual fee), and Visa gets to save money / make more money. Sounds like a lose/lose/win. (For consumer/merchant/Visa.)
Wait, why are we doing this again?
How would you make an urgent purchase by phone? More than once, I've purchased an airline ticket over the phone while I was literally in a cab on my way to the airport, I'd be pretty pissed if my bank would not allow that.
The problem is the same feature that enables you to buy a plane ticket over the phone with a "card not present" type of transaction, would enable absolutely any fraudster to impersonate you and empty you account / buy up to the card's limit simply by using some number printed on the face of your card that the fraudster could even have just glanced over.
(Yes, there are insurances against that, but still somebody is going to need to pay the cost. In the end this cost is passed to the customer as transaction fees and/or monthly fee).
The way I've seen "card not present" type of transaction handled here in around Europe, is out of band confirmation.
- A few years ago, I've got contacted by SMS by my bank asking to confirm directly to them the transaction.
(This part I haven't encountered for the last few years, so I don't know if it still exists.
Though I doubt that it is still in use, because back then the standard identification protocol was answering a couple of question that any one can quickly answer by searching modern social networks)
- Nearly every single transaction of the "card not present" type nowadays happens *on-line*. So still likely to happen over the phone, except using the "smart" part of the functionality of the phone.
A very huge proportion of online transaction I've seen use 3-D Secure system, which is basically also an out-of-band confirmation: a new intermediate page (in the purchase flow) or a new tab is opened asking you to log-in and confirm the transaction.
This confirmation is NOT served by the web merchant (or the plane company in your case) server, but by the bank's webserver. (Clearly indicated in the URL, all transaction authenticated using an up-to-date https).
Only once you confirm on the bank's website does the transaction goes through at the merchant.
(A fraudster would not only need the numbers visible on your card, but would also need to be able to log into your bank's 3dsecure page).
All the plan ticket I've bought online have gone through a 3d secure confirmation (EasyJet, StarAlliance, a few others...). Though I didn't by them while in the cab, but well in advance.
It's not that dissimilar from the way PayPal is handled by merchant: at some point the webshop redirect to page hosted on https://paypal.com/ that asks you to log-in to confirm the transaction.
And let's be serious for a minute:
you're speaking about airlines. with the present security circus, you're at least in for 60 to 90 minutes of queue in front of the security check. It's not that you're going to miss your plane if you take 5 minute more to buy the ticket before getting into the cab.
And there's still plenty of time to purchase your plane ticket at the airport using proper on-line identification while waiting on the queue.
Since I don't have a chip reader in my phone, I don't see how I'd be able to make a mobile web purchase either.
Actually, you do.
Phones' NFC, and card reader/credit card's RFID can talk to each other.
Some european bank do use as a 2-factor to authenticate your online session: stick your RFID card to your phone's NFC antena (example)
There's no *technological* limitation to your smartphone acting as a payment terminal using a simple app, though the only example I've seen use a bluetooth enabled contact-chip reader instead of directly accessing the card over NFC.
(I suspect current certifications won't allow a smartphone app to input a pin and sign a transaction)
but one day you could probably pay simply by sticking your RFID card against the phone's NFC antena.
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I guarantee everything I listed will be fixed in 5 years.
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