S
Sylvia Else
- Jan 1, 1970
- 0
Mr.T said:Easily, you both have to wait to see who is right
MrT.
It will never be possible to show that I was wrong.
Sylvia.
Mr.T said:Easily, you both have to wait to see who is right
MrT.
Sylvia Else said:It will never be possible to show that I was wrong.
Mr.T said:Not to you anyway, you've made that much clear already.
MrT.
Sylvia Else said:I think you've missed the point. I've said that at some time in the
future some event will occur. If it occurs, then I'm proved right. If it
doesn't occur by some point in time, that just means that it could occur
later.
So showing that I was wrong would involve waiting for the rest of
eternity to check the the predicted event never occurs.
Just got a new Westpac Ignite Mastercard today (they bought out
Virgin). It's got a nice shiny smart card style chip in it. Supposedly
a "CHIP based card for increased fraud protection" or some such said
the blurb.
I didn't know there were any infrastructure/readers etc out there that
could take advantage of such a thing.
It's still got the magnetic strip as well of course.
Anyone got any idea how it works or what it's intended for?
she revels in her ignorance worn like a mantle across her shouldersMr.T said:Not to you anyway, you've made that much clear already.
MrT.
Jasen said:the chip holds your card details and is supposedly harder to forge than
the mag stripe
I have seen eft-pos machines etc with chip-card slots in the top and
with magstripe groove in the side.
They've been using them in the UK for a while now - and there's been a
massive increase in CC fraud as a result.
Absolutely no audit trail to protect you - when you report a fraudulent
transaction, they say, "You must have given someone the card and
number..." At least with the bit of paper you can say, "Show me."
Cheers,
Gary B-)
--
______________________________________________________________________________
Armful of chairs: Something some people would not know
whether you were up them with or not
- Barry Humphries
I will defend your right to be (and you are) now who said it ?Mark said:Actually I thought you were acting like a bit of a stupid knob Atec.
"wrong" Bwahaha!
Chris said:Except that the common thief can sell it to his local uncommon thief, and
then some money disappears from your account (as happened to a different
work colleague whose card *did* have a chip). It is a commonly held belief
that if you report a phantom withdrawal in the UK you are likely to be
arrested for fraud, because the bank claims that its system is infallible,
so you must be lying, and the police arrive and take your DNA, and then it
is up to you to prove you DIDN'T make the withdrawal.
Your main hope is to
find CCTV of yourself in a different town at the time in question but it is
not easy. One school of thought is that it is better to just accept the
financial loss and forget about it. Maybe this is what the bank wants.
Sylvia said:A commonly held belief perhaps, but certainly untrue.
I wonder what happens to those cases where the customer cuts straight to
the chase after the bank refuses a refund, and sues. It wouldn't
surprise me if a settlement invariably follows. Particularly if the
customer demonstrates knowledge of methods of defeating the security of
chip and PIN. The banks don't want that kind of publicity.
Sylvia.
Swanny said:It's not up to the banks. They don't own the cards. Think about who
profits from the fraud, besides the fraudsters.
Sylvia said:The cards are owned by the card issuers, which in many cases are indeed
banks, in the normal sense of the word. However, for the purpose of this
discussion, "bank" is a convenient shorthand for whoever it is that
asserts the right to payment for amounts disbursed as a result of
fraudulent use of a credit card.
Sylvia.
Swanny said:That's not how it works. There are 3 parties to the transaction apart
from the consumer. The banks are the "acquirers" and only one part of
the picture. They co-brand the card.
The supposed protectiona against forgery is an illusion as long as
systems are willing to fallback to using the magnetic stripe if the chip
communication fails.
On a related note,
"Organized crime tampers with European card swipe devices"
http://www.theregister.co.uk/2008/10/10/organized_crime_doctors_chip_and_pin_machines/
Sylvia.
Sylvia said:Someone is asserting a right to payment. That's the only person the
consumer is bothered with.
Sylvia.
Swanny said:That's an oversimplified view of the way it works.
There are three parties to the transaction. The merchant (who is the
party asserting the right to be paid), the network and the acquirer.
The two major CC issuers operate the network. They make a percentage of
the transaction in both charge and chargeback situations and
irrespective whether it is fraudulent or not. The acquirer (usually a
bank, but can be other companies) takes the credit risk and mostly
profits from the high interest rate on credit. However it's a high risk
unsecured credit transaction. The merchant must take all reasonable
steps to ensure that the identification of the customer and
authentication of the card. Failure to do this will render the merchant
liable for the fraudulent transaction (this is mostly the case). If the
merchant can show that all reasonable steps were taken to ensure the
integrity of the transaction then the acquirer takes the loss. Notice
how the network has absolved itself from the credit risk? There is very
little incentive for the network (who own the infrastructure and issue
the cards) to remedy the situation.
Mauried said:How do credit cards now work when there is no signature at all.
For example, all over the phone transactions dont require a signature
but the banks still happily pay out.
Just what is the mechanism that allows them to do this.
Yes that I understand.Basically, the merchant takes the risk that the consumer will repudiate
the transaction, and the merchant will not get paid. Usually there's a
requirement that any goods that have to be physically delivered are sent
to the address that the card issuer has for the holder. If the goods are
delivered, but the consumer denies having ordered them, then at least
the merchant can get the goods back.
In the end, its a business decision - take the risk to get the custom.
Sylvia.
Mauried said:Yes that I understand.
What exactly is the merchant telling the bank that causes the bank to
debit the alleged purchasers credit card.
Or can any merchant anywhere simply by having a persons credit card
number cause a bank to pay up just by telling the bank that the
purchaser has allegedly bought something.