I don't know how relevant this is, but for the Americans, have you noticed little gold chips on your bank cards lately? I haven't had a bank account since January, but, I went to go get one today, and it has a chip on it?
Apparently, places like Target are only allowing you to use that chip.. Inserting your card into their pin pads and it just lets you pay like that. No verification, no pin number.. This is something I find a little troubling because anyone could just steal your money.
We've had it for years as well though you still need a PIN for second level verification. Same goes for credit cards.
[QUOTE=HookerVomit;48701744]I don't know how relevant this is, but for the Americans, have you noticed little gold chips on your bank cards lately? I haven't had a bank account since January, but, I went to go get one today, and it has a chip on it?
Apparently, places like Target are only allowing you to use that chip.. Inserting your card into their pin pads and it just lets you pay like that. No verification, no pin number.. This is something I find a little troubling because anyone could just steal your money.[/QUOTE]
The chip uses cryptography to authorize transactions, which makes it impossible to clone the card.
Even without secondary authorization it's much safer than other systems (unless your card is physically stolen). With secondary authorization (as is mostly standard across Europe except for Visa credit card payments) it's the safest scheme currently available.
[QUOTE=HookerVomit;48701744]I don't know how relevant this is, but for the Americans, have you noticed little gold chips on your bank cards lately? I haven't had a bank account since January, but, I went to go get one today, and it has a chip on it?
Apparently, places like Target are only allowing you to use that chip.. Inserting your card into their pin pads and it just lets you pay like that. No verification, no pin number.. This is something I find a little troubling because anyone could just steal your money.[/QUOTE]
you should still need a pin
the chip is just a better alternative to magnetic strip.
[QUOTE=HookerVomit;48701744]I don't know how relevant this is, but for the Americans, have you noticed little gold chips on your bank cards lately? I haven't had a bank account since January, but, I went to go get one today, and it has a chip on it?
Apparently, places like Target are only allowing you to use that chip.. Inserting your card into their pin pads and it just lets you pay like that. No verification, no pin number.. This is something I find a little troubling because anyone could just steal your money.[/QUOTE]
Pretty much every developed country except the US has chips for years, we switched to them ten years ago but you need to enter your PIN as well
We also have the contactless cards now that let you make up to £20 transactions, or £20 every day I'm not sure which. They're great.
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