Have the new "chipped" bank cards reduce fraud?

[Mimen]

Does anyone have insight in this?:

Have the new bank cards that comes with a chip in it lessen fraud at all?

 

[mister]

Does anyone have insight in this?:
Have the new bank cards that comes with a chip in it lessen fraud at all?

I don't know what the official figures are, but I don't see how. We still have the magstrips, so they can be cloned and the details sold off to be used for purchases in countries that don't apply the PIN.

 

[ScottulusMaximus]

I don't know what the official figures are, but I don't see how. We still have the magstrips, so they can be cloned and the details sold off to be used for purchases in countries that don't apply the PIN.

That^^ will only be effective if there's no strip and that's not gonna happen anytime soon.

 

[Nerfherder]

All it has done is shift the liability from the bank to the vendor.

 

[Mimen]

It's maybe not a bad thing. Vendors never take a look and match this signatures.

 

[Jola]

That^^ will only be effective if there's no strip and that's not gonna happen anytime soon.

That. Of course, you can remove the strip yourself, I have done so, works like a charm.

I have a backup card, but I have never had a problem with the stripless card.

 

[mister]

That. Of course, you can remove the strip yourself, I have done so, works like a charm.
I have a backup card, but I have never had a problem with the stripless card.

If you don't want to damage the strip there is http://www.skimprot.com/

2 x sticker pack is R222.30 including shipping from http://www.ozogen.co.za/skimprot.html

 

[Jola]

If you don't want to damage the strip there is http://www.skimprot.com/

2 x sticker pack is R222.30 including shipping from http://www.ozogen.co.za/skimprot.html

Pity those aren't cheaper, just a bit too expensive.

 

[mister]

Pity those aren't cheaper, just a bit too expensive.

Yeah. When I bought they were R75 and I thought that was pricey.

 

[MrGray]

Why do they still issue cards with magstrips locally anyway? I don't think I've encountered a credit card machine that still only works on a magstrip for years. Not sure about the ATM's though? If it's for international compatibility, then rather issue a second linked card for travellers.

 

[Jola]

Why do they still issue cards with magstrips locally anyway? I don't think I've encountered a credit card machine that still only works on a magstrip for years. Not sure about the ATM's though? If it's for international compatibility, then rather issue a second linked card for travellers.

Yes, I think the ATM's are a problem. And overseas travel, especially to North America.

 

[^^vampire^^]

I had a "discussion" about this with my colleagues the other day. The chip and pin is great if you plan on inserting the card from the bottom so that it's working off the chip, but there is still nothing stopping you from swiping the card anywhere which doesn't even require the pin for the card at all.

I've been to Checkers on many occasions where they simply swiped the card through the machine and never even needed my pin. That's why it's important to cancel your cards as soon as you lose them and cut them up if you get replacement cards at the expiry date time.

Also as stated previously with the mag strip it is still piss easy to clone a card. I don't have any official stats but I can guarantee card fraud is on the increase.

 

[krycor]

The problem is banks have not allowed you to disable magnetic strip and the cards still are produced with it.

I'm thinking of demagnetizing credit cards but some things still require it.. Eg ebucks (tho there is a separate ebucks card) and discovery cards double up as vitality cards at PnP

 

[HavocXphere]

The problem is banks have not allowed you to disable magnetic strip and the cards still are produced with it.

Won't take long. Other countries are already issuing cards without strips. The main issue is the Atms - they're all still on mag tech.