Consumer warning for chip credit card owners - Page 2

Marp · ‎03-09-2010

My Wells Fargo chip cards have zero liability as long as fraudulent charges are promptly reported; the same as when the cards were simply swiped. It is the merchant that loses out.

In my area the many of the readers that accept chip cards will instruct that the chip reader be used and will not process a swiped transaction.

The eyes through which you see others may be the same as how they see you.

Say Nay · ‎03-12-2010

Only Mastercard out of the major cc companies had a response to the article. They say their cardholders wil not be responsible for fraudulent/unauthorized transactions. I hope others (Visa, AmEx, Discover...) will follow.

Mastercard Response:
The consumer is protected. Period. In May 2014, we extended our already existing Zero Liability policy to all consumer and small business cards in the U.S. Under the policy, our cardholders are not held liable for any fraudulent or unauthorized transactions on their account. That same protection is now in place in all markets across the globe, making MasterCard the only payment network to provide that peace of mind.

October 2015 was never set as a deadline. That was a milestone we had set to help provide an incentive to both merchants and issuers in the migration plans. As you noted, that was when the liability would shift to the party with the lower technology. But, each merchant and issuing bank would determine when would be best for them to implement chip card technology.

Since the U.S. started this journey, we've begun to see a reduction of counterfeit card fraud. And the trend will continue as more cards are activated and more terminals adopt the EMV standard.

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riley1 · ‎03-10-2010

I received one card with a chip quite some time ago. Today, I received my bank card with the chip. So the big question is: To swipe or not to swipe, that is the question - LOL - Kohls got their chip readers a few months ago and what a fiasco it was to checkout.

staciesmom · ‎04-13-2010

Just got a new debit card with a chip, I always swipe because it's a habit. will have to remember to insert instead.

truffle · ‎01-04-2016

When I got my first chip card and tried to swipe it, it would tell me to use the reader.

Gooday · ‎03-23-2010

Wal Mart is the only store thus far that has used my "chip". The other stores are still swiping.

Moonchilde · ‎05-23-2010

The only reason the chip cards started being produced in the US, and the reason that merchants are all too slowly installing and activating the chip part of their machines. Is because a law passed (and went into effect I believe last October, with some sort of grace period which may have also passed) that after X date, the MERCHANT would be responsible for hacked information & funds, NOT the banks. So those merchants who are late to the party activating their chip machines, so that you have to swipe, are now liable, not the financial institutions.

I still swipe when I have to. The large majority of hacking/theft is from online and telephone use. Believe me, I know - twice 😫

NO debit card, chip or not, is safe for online use. And since the machine isn't used to encode the single transaction online or especially on the phone, chip cards aren't any safer than old cards for phone use for sure - not positive about online, but I would think not either.

Life without Mexican food is no life at all

dex · ‎03-09-2010

I still have to swipe at the bank that issued my card.

KentuckyWoman · ‎03-13-2010

I check our accounts daily. About ninety-five percent of the time, the card readers will not accept our ATM/credit card with the chip and it forces a swipe. When it does work it rarely asks for a PIN number. DH and I started using cash only a couple of months ago. Our ATM card NEVER worked at Walmart. On a good note, as long as we catch it early, we are not held liable. I don't see how this is more secure but hey what do I know?

Shawnie · ‎03-10-2010

@Moonchilde wrote:
The only reason the chip cards started being produced in the US, and the reason that merchants are all too slowly installing and activating the chip part of their machines. Is because a law passed (and went into effect I believe last October, with some sort of grace period which may have also passed) that after X date, the MERCHANT would be responsible for hacked information & funds, NOT the banks. So those merchants who are late to the party activating their chip machines, so that you have to swipe, are now liable, not the financial institutions.

I still swipe when I have to. The large majority of hacking/theft is from online and telephone use. Believe me, I know - twice 😫

NO debit card, chip or not, is safe for online use. And since the machine isn't used to encode the single transaction online or especially on the phone, chip cards aren't any safer than old cards for phone use for sure - not positive about online, but I would think not either.

Do you know if this applies to all retailers, doctors etc regardless of size? i work for a very small business and we dont have a new cc machine, just the old swiper.