Fraudulent charge on credit card?

[JoeBleed]

OK well Visa & MC are doing a liability shift this year for the banks. If the banks don't update to chip, they assume 100% of the fraud liability, if the bank has chip and the merchant doesn't accept it, they assume 100% of the fraud liability. So are all? No, not right away and I don't know what Discover/AMEX are doing, but at least it's moving that way finally.

But without the pin, isn't it still pointless as the readers will still have the magstrip reader. Or will the terminal complain that it's supposed to be a chip card and refuse the transaction with out reading the chip? Assuming the terminal has chip capability.

Even with the pin option, the reader doesn't check back with the bank to verify. so physical theft of the card is still an issue as well as number and security code theft for online usage. It would still reduce it, but will it be worth it only to half ass it?

 

[kranky]

But without the pin, isn't it still pointless as the readers will still have the magstrip reader. Or will the terminal complain that it's supposed to be a chip card and refuse the transaction with out reading the chip? Assuming the terminal has chip capability.

My understanding is that when a terminal has the chip-reading capability enabled and a card with a chip is swiped, it won't take the swipe and require the chip to be read. If the card has no chip, the swipe is accepted. Presumably the mag stripe transmits some data that says "I have a chip and a mag stripe"

 

[rudeguy]

My understanding is that when a terminal has the chip-reading capability enabled and a card with a chip is swiped, it won't take the swipe and require the chip to be read. If the card has no chip, the swipe is accepted. Presumably the mag stripe transmits some data that says "I have a chip and a mag stripe"

That's how I understood it as well.

 

[KentState]

Wife's card number was stolen a week ago. Got a call that someone from Michigan tried to charge $200 a couple times at a Meijers. Found out that her sister and friend also got their card number stolen and was used out of state as well. Only place that the all purchased something in common was at a liquor store before a bachelorette party the week before. Sad that this is so common that the bank refunded by sister-in-law like it was a trivial thing.

 

[dullard]

Never seen that. My personal and company cards don't.

Perhaps they only print it on the stub you send in, so the part that might be thrown away only has the last 4?

My credit card statements all have the full 16-digit number in multiple locations all over the statement. I'm not stupid enough to scan my statements and post them here. But others are (account numbers blurred, but clearly more than just 4 digits):

http://i.stack.imgur.com/efev7.jpg

http://s403998394.onlinehome.us/ChaisePredatoryLending/SCAN0596_chase.JPG

 

[zerocool84]

My card was used in Spain two years back. They spent $150 at a Burger King in Spain and $500 in gas.

 

[zCypher]

I had fraud happen on a debit card once, and on a credit card as well. It was no problem to settle both cases, but it was much quicker and less hassle with the credit card.

Fraud happens. There is no way for you to have a zero percent chance of encountering it. May as well use a credit card.

 

[Thump553]

A heads up-I just got called from Bank of America about a fraudulent charge from ThinkGeeks on our credit card. The representative I spoke to mentioned that they have been getting tons of fraudulent charges from ThinkGeeks recently so keep an eye on your accounts.

BTW this is another time the bank caught the charge almost immediately and contacted me about it.