My biggest problem with chip and pin is that banks disclaim themselves of all liability for transactions that go through with a valid PIN,
I thought the banks were only temporarily shifting liability to merchants until the merchant got validated for chip card use which would be a huge incentive to get merchants to switch over otherwise a lot of them wouldn't bother?
But since we stupidly implemented the chip, but not the PIN, if I were to lose my wallet or get mugged, there's absolutely no additional protections whatsoever preventing whoever gets ahold of my card from charging to their heart's content.
I'd be willing the bet the number of fraud crimes based on someone physically stealing your card (or finding a lost one) is significantly lower than what is currently happening to tens of thousands of people getting their card numbers skimmed or by other means on what seems to be an ever more frequent occurrence. So is the new system the absolute most secure? Probably not, but it's a huge step in the right direction.
Sure steal the card from my back pocket, now what? Go get the account locked for exceeding the number of allowed invalid PIN entries?
No. Then you're going to end up with the same situation that currently exists with passwords. You're going to get people who will use 1234 or 0000 as their pin.
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My biggest problem with chip and pin is that banks disclaim themselves of all liability for transactions that go through with a valid PIN,
I thought the banks were only temporarily shifting liability to merchants until the merchant got validated for chip card use which would be a huge incentive to get merchants to switch over otherwise a lot of them wouldn't bother?
But since we stupidly implemented the chip, but not the PIN, if I were to lose my wallet or get mugged, there's absolutely no additional protections whatsoever preventing whoever gets ahold of my card from charging to their heart's content.
I'd be willing the bet the number of fraud crimes based on someone physically stealing your card (or finding a lost one) is significantly lower than what is currently happening to tens of thousands of people getting their card numbers skimmed or by other means on what seems to be an ever more frequent occurrence. So is the new system the absolute most secure? Probably not, but it's a huge step in the right direction.
Sure steal the card from my back pocket, now what? Go get the account locked for exceeding the number of allowed invalid PIN entries?
No. Then you're going to end up with the same situation that currently exists with passwords. You're going to get people who will use 1234 or 0000 as their pin.