Phish and Chips
Chip-and-Pin Is Coming to America
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  • ljgude

    Well, I live somewhere in the rest on the world – namely Australia and we have chips in our cards. But for charges under $100 we don’t have to enter our PIN. We have something called ‘Pay Wave’ with Visa and ‘Pay Pass’ with Master Card. You just have to wave the card in the vicinity of the terminal and the transaction goes through. It is just about the dumbest thing I have ever seen. Even dumber than American banks persisting with the mag stripe and signature system. So be warned the US banking system may have more appalling stupidity in store for you than you would believe possible. The only explanation i can think of is that it is their interest to keep us spending non stop and they find it is more profitable to absorb the fraud than allow any opportunity for self reflection.

  • El Gringo

    America – finally catching up with India’s banking systems

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