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Title: [2015-09-26] Banks Introduce EMV-chipped Credit Cards To Keep Bitcoin At Bay Post by: tyz on September 26, 2015, 06:45:01 AM Credit cards are one of the most common payment methods around the world, yet they are also one of the least secure forms of payment. There is no other payment method in history suffering from such a high rate of fraud and chargebacks, as these cards were never intended to be used for online payments.
http://bitcoinist.net/banks-introduce-emv-chipped-credit-cards-keep-bitcoin-bay/ Title: Re: [2015-09-26] Banks Introduce EMV-chipped Credit Cards To Keep Bitcoin At Bay Post by: Kprawn on September 26, 2015, 10:01:04 AM This is the important part :
" Merchants will have to upgrade their infrastructure at an additional cost to accommodate for these EMV-enabled payments. If they decide to accept Bitcoin as a payment method, however, there is no additional infrastructure set up. Plus, they will be charged lower payment processing fees, and are protected from Bitcoin price volatility. " The EMV-enabled cards, does not make internet purchases, where you have to fill in your credit card details into a centralized database, a safer method. So Bitcoin is still better. Title: Re: [2015-09-26] Banks Introduce EMV-chipped Credit Cards To Keep Bitcoin At Bay Post by: RustyNomad on September 26, 2015, 07:15:06 PM The cards with a chip is old news already in some countries. I think I received my first 'chipped' card about two or three years back if not mistaken.
I know that the US is only starting to switch now, not sure why it took them so long to switch to the chip based cards though. Title: Re: [2015-09-26] Banks Introduce EMV-chipped Credit Cards To Keep Bitcoin At Bay Post by: RustyNomad on September 27, 2015, 07:54:40 PM The cards with a chip is old news already in some countries. I think I received my first 'chipped' card about two or three years back if not mistaken. I know that the US is only starting to switch now, not sure why it took them so long to switch to the chip based cards though. Just had my own question answered in an article I just read on Business Insider - 'Why it took the US so long to adopt EMV'. Quote "We have always had really good, strong fraud systems in place in the United States," MasterCard product expert Carolyn Balfany tells Business Insider. "Other parts of the world were not so lucky. They had lesser robust security systems, so they had more immediate need for chip cards and the security that they brought." The US has always had "real time transactions," meaning merchants immediately send off the credit card information to the issuer for verification. In other parts of the world there was a lag between when the merchant would send the card information. After swiping your card, your information would be stored with the merchant throughout the day, and wouldn't be sent to your bank for approval until later that day, meaning fraudsters had more time to commit fraud. http://www.businessinsider.com/why-it-took-the-us-so-long-to-adopt-emv-2015-9 (http://www.businessinsider.com/why-it-took-the-us-so-long-to-adopt-emv-2015-9) Title: Re: [2015-09-26] Banks Introduce EMV-chipped Credit Cards To Keep Bitcoin At Bay Post by: gentlemand on September 27, 2015, 09:22:03 PM It always astounds me how shit consumer US banking and finance is compared to Europe. This just adds to the feeling.
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