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Chip and PIN Credit Cards Finally Explained

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Chip and Pin Credit Cards Lower Fraud by 700%

Chip and Pin Credit Cards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • It will take at least 5 years for Chip and PIN (or EMV) transactions to make up the majority of retail card processing in the U.S.
  • Most large retailers are likely to implement Chip and PIN technology over the next two years
  • Other technologies, like mobile or electronic wallets (e.g. Apple Pay), could become the preferred payment method over Chip and PIN card technology due to their ease and advanced security.
  • Although Phase 1 (Chip and Signature) will prevent credit card fraud by making credit cards harder to clone, it WILL NOT make them harder to use if they get into the wrong hands. Therefore, continuing to closely monitor our accounts and personal information will help you avoid becoming a victim of fraud.
  • Phase 2 (Chip and PIN) WILL make credit cards harder for thieves to use, which is even more reason to support the transition to the new technology.

John Sileo is an an award-winning author and keynote speaker on keeping your organization from becoming the next data breach headline. John specializes in making security entertaining, so that it works. John is CEO of The Sileo Group, whose clients include the Pentagon, Visa, Homeland Security & Pfizer. John’s body of work includes appearances on 60 Minutes, Rachael Ray, Anderson Cooper & Fox Business. Contact him directly on 800.258.8076.

How do I Get Businesses to Ask For Photo ID?

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You’ve probably heard that instead of signing the back of your credit card, you can protect yourself by putting the words “Photo ID required” or “See photo ID”.  So we went out to test this method to see if it actually gets people to do that.  I presented my card at various shops (sporting goods stores, frozen yogurt stands, fast food joints…) and filmed the transactions.  In this small sampling, I found five who did not ask for my ID and six that did.

I wonder if you can guess what the difference is between the people who didn’t ask for my ID and the ones who did.  The answer?  I had written “Photo ID Req’d.” on the FRONT of my card (in several places, in fact) in the cases where it was requested and only on the back where it was not.

When you ask for privacy—when you ask for it loudly—people start to pay attention.  Not only do they pay attention, but they start to ask you why you do that and you get to educate them!

Remember also that you can’t just put “Photo ID Req’d” on the signature line.  You need to SIGN YOUR CARD or it means you’ve never completed your contract with your credit card company and they can hold you liable for everything spent on that card once you’ve activated it.