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Visa and MC to bring PIN technology to USA in 2015

Post Date: 2014-02-07
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Posts: 1581 		  Quote Nav Quote  Post ReplyReply bullet Topic: Visa and MC to bring PIN technology to USA in 2015
    Posted: 07 Feb 2014 at 9:00pm


Beginning later next year, you will stop signing those credit card receipts. Instead, you will insert your card into a slot and enter a PIN number, just like people do in much of the rest of the world. The U.S. is the last major market to still use the old-fashioned signature system, and it’s a big reason why almost half the world’s credit card fraud happens in America, despite the country being home to about a quarter of all credit card transactions.

The recent large-scale theft of credit card data from retailers including Target and Neiman Marcus brought the issue more mainstream attention, leading to a Senate Judiciary Committee hearing this week. Executives told the senators that once the country transitions to the new system — which includes credit cards embedded with a microchip containing security data — these kind of hacking attacks will be much more difficult to pull off.

The shift is coming though: both MasterCardMA +1.88% and VisaV +1.26% have roadmaps for the changeover, and both have set October, 2015 as an important deadline in the switch. But why has it taken this long, and how will the changeover work for card users and businesses?


Wall Street Journal
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Tidgxor View Drop Down
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Posts: 13000 		  Quote Tidgxor Quote  Post ReplyReply bullet Posted: 08 Feb 2014 at 11:21am
I welcome this change, when I travel for work I much prefer the PIN system. 
My Two Digital Storm Rigs: Mr. Bojangles (HAF-X, 2010) & Mrs. Bojingles (Bolt I, 2013).
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Posts: 485 		  Quote surf71zx Quote  Post ReplyReply bullet Posted: 11 Feb 2014 at 3:53am
Outstanding news. About time!!!!!!!!!!!!!!!!!
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