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A comment on Postbank to replace 12M bank cards after employees steal 'master key'. Parent comment

Re:Postbank to replace 12M bank cards after employees steal ... by mschuster91 on Wednesday June 17, 2020 @12:23PM (#23553218)
So why not limit the magstripe to gas pumps and give them a time frame of 5-10 years to upgrade existing pumps, and mandate chip capable card readers in new pumps?

At the same time fees could be raised 2% for non-chip transactions to incentivize upgrades.

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Re:Postbank to replace 12M bank cards after employees steal ... by AaronM on Wednesday June 17, 2020 @12:27PM (#23553272)
Looks like they have deadline of 10/2020 before visa and mastercard start holding owners liable for fraud if they haven't upgraded to chip readers.

https://www.latimes.com/business/technology/story/2020-01-07...

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Re:Postbank to replace 12M bank cards after employees steal ... by GoblinSlayer on Wednesday June 17, 2020 @01:07PM (#23553838)
That's stupid. Just issue cards without stripe and the problem will solve itself.
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Re:Postbank to replace 12M bank cards after employees steal ... by twunde on Wednesday June 17, 2020 @01:30PM (#23554146)
It's a chicken and egg problem. Gas purchases are on the of the most common purchases in the US. Removing the ability to pay using a credit card would a) piss of owners of the new credit cards, b) likely cause people to use their old credit cards for longer and still wouldn't push gas stations to switch over quickly as most have atms and gas stations could insist on cash payments. Keep in mind that at least some of these gas pumps can't be upgraded but have to be replaced in order to support the new chip cards. What should have been done is a combination of good incentives for upgrading early (maybe reduced fees?) and penalties for not upgrading within a time frame (fraud payments are owners responsibility after n amount of time, increased fees for dealing with fraud)
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Re:Postbank to replace 12M bank cards after employees steal ... by reaperducer on Wednesday June 17, 2020 @05:48PM (#23557184)
That's stupid. Just issue cards without stripe and the problem will solve itself.

I don't see a bank replacing its customers' forms of payment with a new form that isn't accepted in as many places as the old one.

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Re:Postbank to replace 12M bank cards after employees steal ... by cocoa19 on Wednesday June 17, 2020 @12:36PM (#23553380)
We already have incentives in place in the US to stop using mag stripe.

Shops accepting mag stripe payments are liable for counterfeit fraud. If you use EMV (chip cards), then card brands protect you (Visa, MasterCard, etc.

You can Google it as "EMV liability shift" if you're interested in more details.

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