should credit card transactions require a PIN or code

[kranky]

Originally posted by: Confused

Originally posted by: kranky

Originally posted by: vegetation
I'm sure the credit companies have already done tons of studies on this issue and came to the conclusion it's not in their best interest to add a pin or passcode system for purchases. Such codes would inhibit purchases with credit cards, as credit card companies like to keep the purchase process as simple as possible, leading to less merchant charges for the credit card company to rake in. Fraud is usually passed on to the merchant bank and ultimately the store itself.

You betcha.

Are Americans so dumb/lazy that they can't enter a 4 digit number onto a little pad whenever they use the card in a shop?


Actually, stupid question, yeah, i reckon you probably are :roll:


It's a lot less effort for both the shop AND the buyer for you to just enter your PIN, rather than having to sign a slip (hopefully with a pen that works - how many times have you had to get another pen?), then check it.

I think in your haste to slam Americans, you completely missed the point.

It's not a matter of dumb or lazy. It's about merchants who like the system we have now - pick up merchandise, sign your name, go. It's very successful because subconsciously it doesn't seem as though you are spending actual money. When people have to face the fact they are spending money, it inhibits impulse purchases, and people associate a PIN with an ATM, and cash. Buyers wouldn't object to a PIN, but they would probably spend less. That's not what the merchants want.

Another factor with using a PIN is that you as a customer have a harder time proving a transaction was fraudulent. If the signature on the sales slip isn't a match for yours, you are off the hook. But if someone has your PIN and the CC number and uses them to make fraudulent purchases, how can you prove it wasn't you?

 

[purbeast0]

Originally posted by: hotchilisauce
The Credit Card Prank

there is no way that is real. i mean first of all, he admits a few times to signing and just leaving before the waitress came back. if thats the case, how the hell did he have a scan of the receipt

i call shens on the whole site.

 

[imported_Phil]

Originally posted by: kranky
I think in your haste to slam Americans, you completely missed the point.

It's not a matter of dumb or lazy. It's about merchants who like the system we have now - pick up merchandise, sign your name, go. It's very successful because subconsciously it doesn't seem as though you are spending actual money. When people have to face the fact they are spending money, it inhibits impulse purchases, and people associate a PIN with an ATM, and cash. Buyers wouldn't object to a PIN, but they would probably spend less. That's not what the merchants want.

Teh nooeess! The end of capitalism! :roll:

Another factor with using a PIN is that you as a customer have a harder time proving a transaction was fraudulent. If the signature on the sales slip isn't a match for yours, you are off the hook. But if someone has your PIN and the CC number and uses them to make fraudulent purchases, how can you prove it wasn't you?

You can't; that's the point. Don't tell your PIN to anyone else = lack of fraud. It's entirely straightforward. You don't receive your card & your PIN number in the same envelope, even the same day, right?

 

[biffbacon]

Originally posted by: brtspears2

Originally posted by: PoPPeR
why don't you just write "please ask to see ID" on your CC instead of overhauling the whole system

I thought most cards are not valid unless signed. But it seems like everyone asks for ID anyways, except at the Post Office, where if your card isn't signed, they won't take it or accept "ASK FOR ID" on the back of your card as acceptable.

no one ever asks for my id, and my card is so old, that the signature is rubbed off the back, thats what kinda scares me