Dealers - upcoming new credit card rules
derryb
Posts: 37,107 ✭✭✭✭✭
Transitioning to EMV (chip) card reader
"If you don’t swap your swipe-and-sign card reader out for an EMV card reader by Oct. 1 of this year, the so-called “liability shift” deadline, you could have to eat the potentially crippling costs and chargebacks associated with fraudulent transactions, not your payments processor."
"If you don’t swap your swipe-and-sign card reader out for an EMV card reader by Oct. 1 of this year, the so-called “liability shift” deadline, you could have to eat the potentially crippling costs and chargebacks associated with fraudulent transactions, not your payments processor."
Repetition of ignorance is ignorance raised to the power two.
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Bottom line - if you're using any processor with a cellular connection, your equipment is only as good as the cellphone service provider's infrastructure, regardless of whether the card user is legitimate or not. Additionally, almost no one uses a dial up connection or even a broad band connection anymore, because they're so easily hackable.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
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<< <i>With all the hacking going on the USA should have been first in line for this tecnology, not last. >>
Well, what can I say other than, it's America and by God, we think we know what's best regardless of the empirical evidence to the contrary!
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The name is LEE!
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<< <i>With all the hacking going on the USA should have been first in line for this tecnology, not last. >>
Always doing the right thing after exhausting all other possibilities...
Chip and PIN doesn't do any good for CNP (Card Not Present) transactions so online and mail order sales will still be liable for chargebacks.
Gas pumps have until Oct 2016 to implement Chip and PIN.
<< <i>European MasterCard VISA has been working in Europe for over a decade and the US is still using 1960's mag stripe technology. >>
Canada has also been using Chip and PIN technology on credit and bank cards since at least 2007, likely earlier.
The new chip cc can also be hacked......not the cure all for the bad guys.
<< <i>European MasterCard VISA has been working in Europe for over a decade and the US is still using 1960's mag stripe technology.
Chip and PIN doesn't do any good for CNP (Card Not Present) transactions so online and mail order sales will still be liable for chargebacks.
Gas pumps have until Oct 2016 to implement Chip and PIN. >>
Thank you.
<< <i>Are not the chip cards hackable if someone has a "reader" that can swipe it from behind you with a hidden portable device even if it is still on your person and in your wallet? I believe you need to also purchase a RFID protected wallet.
The new chip cc can also be hacked......not the cure all for the bad guys. >>
They don't use RFID but are inserted into a terminal at the point of purchase. The Chip part is a microprocessor with memory in the card and the PIN part is the Personal Identification Number you enter just like with debit.
The account number and PIN are transmitted encrypted over the Interchange and there is a key exchange between the issuer and the cards memory, which changes each time the card is used online. So unlike the mag stripe that you can read once and make a thousand copies, the session keys used for encryption and stored in the chips memory are dynamic.
There is a flaw here regarding timing. If someone knows your PIN and has an image copy of the cards chip, the first user will win - either the rightful owner or the thief - and the other will be locked out. But once the outdated session key is detected, the account will be blocked from new transactions.
Of course all this whiz-bang stuff falls apart when the card is not present, like over the phone or on the Internet. Merchants use an Address Verification Service (AVS) to verify the billing address, but this is where most of the fraud will continue to occur.
Also you should NEVER use your debit card other than at the ATM.
If there is fraud with your credit card, you get a bill saying you owe money.
If there is fraud with your dual use VISA/MC branded debit card, the money is taken out of your account right away.
I'd rather have a piece of paper saying I owe $5,000 than having $5,000 taken out of my checking account waiting to get it back.
sob's would come into the shop and want the best price on silver bullion or gold, then you work out a deal, and then they whip the CCard out on ya.
No thanks
<< <i>I got rid of mine long before I closed the store.
sob's would come into the shop and want the best price on silver bullion or gold, then you work out a deal, and then they whip the CCard out on ya.
No thanks >>
You tell them up front before the dealing starts that it's cash basis, no?