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A comment on Why You Still Can’t Use a Chip Card Everywhere.

Re:Why You Still Can’t Use a Chip Card Everywhere by magoon on Monday July 25, 2016 @06:41AM (#12157725)
The dirty little secret is that banks make money off online Card Not Present fraud. They take back the money from the merchant and charge a $35 fee.

In-person fraud is much lower, so this transition to chip readers is just increasing their bottom line by 1) sticking it to retail merchants who don't upgrade their systems; and, 2) making money off required system upgrades.

[ Parent | on HN ]
Re:Why You Still Can’t Use a Chip Card Everywhere by dfcowell on Monday July 25, 2016 @08:18AM (#12158106)
Merchants can mitigate that risk by requiring use of a bank operated verification system like Verified by Visa or Mastercard SecurePay or the Amex one which escapes my memory right now. You set a password on the card via your internet banking which is required for card-not-present transactions.
[ Parent | on HN ]