Pulse Headlines – by Emmanuel Ferreira
After 20 years of being used in Europe, the US approved the use of EMV chip technology in debt and credit cards. This will begin to be applied on Thursday, and it is expected to reduce fraud significantly. EMV stands for Europay,MasterCard, and Visa, the main three companies that created this standard.
Stephanie Erickson, head of authentication and product integration for Visa, told this to NBC News: “In countries that have moved to chip technology, two years after the liability shift date, they see their counterfeit go down 60, 70 percent or more.”
Using a microprocessor chip that provides better security, and the use of a unique transaction code, customers are now less vulnerable to fraud. Annual costs of card fraud in the U.S. alone reached $32 billion in 2014, according to a LexisNexis study.
“It makes it harder to physically counterfeit the card and it creates a unique transaction code that’s passed to the merchant every time you make a purchase with the card. So that means the merchant will have a lot less of your useable data and instead will have this unique transaction code,” says Matt Schulz, senior analyst at CreditCards.com.
If merchants don’t upgrade their system by October 1, the liability will shift from merchants to card owners. “The party, either the issuer or merchant, who does not support EMV, assumes liability for counterfeit card transactions”, MasterCard says in their website.
According to Payment Leaders, there are other advantages worth noting:
- Many of the ATM manufacturers have already changed over to EMV-compliant technology, reducing costs on this front.
- Chip-enabled cards, while initially more expensive to produce, have a longer shelf life than magnetic stripe cards, as well as being capable of ‘flash-updating,’ lowering their costs over time.
- VISA offers merchants who make the conversion an incentive package, relieving some of the financial burdens on that side.
- Adoption of EMV-compliant cards and devices is seen by many as a step toward wider adoption of mobile payment methods.
‘Dipping’ in the new technology
With the arrival of the new chip credit cards, both consumers and merchants are going to have forgotten about swiping their cards. Now they will have to ‘dip’ it to get paid. This represents a major change for shoppers and especially for business owners, which will have to invest $200 to $1000 to get the new payment terminals.
Ian Gibson, a Spokane, Washington-based director of Central Payment Washington, which processes transactions between businesses and banks, told the Spokane Journal of Business: “business owners are seeing the chip and investigating what it is. The last thing they need is another issue with a piece of technology in their business.”
Source: NBC News
http://www.pulseheadlines.com/americans-longer-swip-credit-cards-approves-emvs-chip/6776/
Fiat currency allows central banks to rob entire populations of their wealth and fight wars for any scary reason imaginable,
Immaterial, for the most part, as far as increased tracking/surveillance is concerned, imo. More power to them (figuratively speaking, NOT literally) if it stops the fraud. I’ve been the recipient of identity theft twice… it’s a b#tch.
Once they declare the ‘bank holiday’, however, those things are no more than a piece of useless plastic.
Thanks for the input. Mises will be forever grateful for your immaterial economic acumen.
bah
what does he know, he is dead 😉
If that comment was directed at myself (since mine was the only other comment up at the time), then you can stick it where the sun don’t shine, clownboy.
“Chip-enabled cards, while initially more expensive to produce, have a longer shelf life than magnetic stripe cards, as well as being capable of ‘flash-updating,’ lowering their costs over time.”
Flash-updating? – The information contained in the chip on your card is going to be “updated”…?….meaning false or misleading data can be applied to the digital instrument (digital soon to be the ONLY instrument) of transacting any type of financial contract? Not to mention that immediate denial of contract (shutting off the chip as a means of transacting “business”) is also not only possible, but determinedly planned as a means to ultimately:
“… forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.” Revelation 13:16-17
The law/contract of the past is soon to be a completely one-way power contract, with the elitists holding all the cards, except the one in your hand that you find suddenly useless as you attempt to use it as a financial instrument.
Be warned, folks….this is NOT a small issue. It is one of the greatest power grabs since the Federal Reserve was set up.
Yah Bless the Republic;
Death to the World Order and everyone who willingly assists it.
We SHALL prevail!!
http://www.idstronghold.com/ time to buy one so the bad guys can’t read my NWO bank card.
scum bag.
Get your NWO quisling a$$ out of here. And take your beast number with you slave.
THERE IS ONE FLAW TO THE STORY
FLAW > If merchants don’t upgrade their system by October 1, the liability will shift from merchants to card owners.
I READ THE STORY ON ANOTHER SITE AND THE MERCHANT WILL HAVE TO PAY THE AMOUNT NOT THE CARD HOLDER.
MARKW
The card HOLDER is NOT the card OWNER. That would be the company that ISSUES the card (owner).
No error.
Use CASH… or cash will disappear. When that happens, you’ll have nothing but their chip card, and your hopes that they’ll let you buy things.
“operation choke point” can easily be extended to individuals they don’t approve of, too.
Don’t got one, never did and never will. Don’t give two dips. When cash is kaput I’ll figure something else out. I always do.
Besides, it’s waaaaay past doing something about these ________!
On a happier note: Acorn squash did wonderful! I’m a gourd rich ruddy fellow….
If this affects you, you are part of the problem and I have the intention of making you leak.
““The party, either the issuer or merchant, who does not support EMV, assumes liability for counterfeit card transactions”, MasterCard says in their website.”
AKA BLACKMAIL!
““In countries that have moved to chip technology, two years after the liability shift date, they see their counterfeit go down 60, 70 percent or more.””
Counterfeit may go down but I’m sure hacking has gone way up. Funny how you fail to mention those statistics.
““It makes it harder to physically counterfeit the card and it creates a unique transaction code that’s passed to the merchant every time you make a purchase with the card. So that means the merchant will have a lot less of your useable data and instead will have this unique transaction code,” says Matt Schulz, senior analyst at CreditCards.com.”
Funny how they fail to mention who has access to this “unique transaction code” because THEY will have all your information logged onto that “code”. So who cares if the merchant has that information. The bankers will have it all and will pass it along to the merchants eventually anyways. They’re placing restrictions on the wrong people. Once again, they attack the symptom of the problem but not the root of the problem itself.
Besides, this is one step closer to the Mark of the Beast, the hand and the forehead chip.
“business owners are seeing the chip and investigating what it is. The last thing they need is another issue with a piece of technology in their business.”
WRONG! They are seeing the chip for what is. A power grab and blackmail by the bankers to implement their Mark of the Beast technology. It has NOTHING to do with issues of fraud because a 80% of these companies don’t have that problem. This is a pure propaganda campaign to demonize paper money and to convert everything over to digital currency that banks can control. I’m also finding out that while there are occasionally stupid sheeple customers who applaud these scanners at our theater, many customers are refusing to use them and are paying in cash and finding themselves saying, “I never thought I’d be going back to cash, but it’s actually better this way as I have more control of what I spend and more time to think about whether I should spend my money or not.” rather than the typical “swipe and find out I’m in debt later” routine. These scanners are actually having an opposite affect on the people as more of them are waking up to the whole scam. It’s kinda backfiring on the elite.