Chip and Pin Fraud and why bitcoin remains a more secure payment mechanism

[BitUsher]

Individuals typically have a false sense of security with new advances in credit and debit card technology when there are many trivial ways to break them that bitcoin isn't vulnerable to:

https://www.youtube.com/watch?v=Ks0SOn8hjG8

Interesting video detailing the many vulnerabilities of Chip and Pin.

[LFC_Bitcoin]

I agree that bitcoin is more secure than chip & pin. If you protect yourself & follow correct security procedures using bitcoin you are very unlikely to encounter any problems.

I know a lot of people who have had scares / security breaches with traditional banking methods. A few years ago somebody managed to get one of my cards details & try to book a hotel, phone credit & a few other things in another country. Luckily my banks fraud department rang me to check if it was legit which it obviously wasn't. I had to have a new card sent out.

I haven't experienced any problems with bitcoin - clean PC, cold storage, paper wallets = all good.

[BitUsher]

I haven't experienced any problems with bitcoin - clean PC, cold storage, paper wallets = all good.

I have multiple problems with traditional banking and only one small problem with Bitcoin where I lost ~20 dollars due to a battery failing and corrupting my smartphone where I didn't backup my wallet. All avoidable and insignificant.

[Q7]

No matter how secure these credit card companies claimed to have with better improved technology, skimming will still be an issue. You risk not only your funds getting lost but also other personal information. At least with bitcoin if you take all the necessary precautions the risk is almost nil.

[pattu1]

Individuals typically have a false sense of security with new advances in credit and debit card technology when there are many trivial ways to break them that bitcoin isn't vulnerable to:

https://www.youtube.com/watch?v=Ks0SOn8hjG8

Interesting video detailing the many vulnerabilities of Chip and Pin.

A lot of countries still have credit cards with magnetic strips.
So even this primitive level of security is absent!

[Kprawn]

Some companies are already making money on the vulnerability of NEW credit cards, look at this --> http://www.signal-vault.com/ ...Everyone is going on about Bitcoin hacks, but

people are losing Billions with credit card fraud. If that was not true... Why would companies like this exist? There is not a public telephone system in the world, that was not hacked

in some way or the other... people will hack it, because it's a challenge. So far Bitcoin is holding very good, and we have not seen major losses from direct hacks to the protocol.

There are simply too many eyes on it, because it's Open source and decentralized. 

[nachoig]

This isn't new...
https://duckduckgo.com/?q=chip+and+pin+is+broken

[Bifta]

Chip and Pin doesn't prevent fraud like they claim it does. It just makes it slightly harder to do.

[maokoto]

In Bitcoin, security is pretty much in your own hands. You decide the level of security using cold storage, vaults, paper wallets etc (higher level of security) or just having an online wallet (lower level of security). With chip and pin you have to pretty much rely on what it is provided to you.

[Kakmakr]

The worst thing for me, is when banks flood you with more credit than you possibly can handle and when you get in trouble <card skimming or online fraud> they just wash their hands. They always find some reason to blame you.
They also sell you insurance for these kinds of exploits and make some extra money out of you, by doing this.

Bitcoin allow you to determine your own loss, if and when something like this might happen. The thief's and hackers do not have access to loads of credit that you cannot afford to pay back, only the coins you have in your wallet at that time. So you manage your losses, by using Bitcoin responsibly. 

[RustyNomad]

Here's an article that shows how bad credit card fraud actually is. Figures only go up to 2012 but gives one a good idea of how bad things are.

Credit card and debit card fraud resulted in losses amounting to $11.27 billion during 2012.

http://www.cardhub.com/edu/credit-debit-card-fraud-statistics/