Moo Pig Wisdom is a brilliant combination of Antiquity and Prequel Modern Flea Market. We respectfully ask you to mind your children while here.

Friday, February 07, 2014

MooPig Tech Coroner :: "End of Swipe and Sign"

Credit Cards' Liability is Migrated to the User
Mashed and mangled articles by Pat Darnell  |  Feb 7, 2014  |  Bryan TX

[Picture LINK]

We love to point out technology lost as the Internet absorbs systems, and we become more and more dependent on electronic transactions.

October 2015: The End of the Swipe-and-Sign Credit Card - Corporate Intelligence - WSJ: "The recent large-scale theft of credit card data from retailers including Target and Neiman Marcus brought the issue more mainstream attention, leading to a Senate Judiciary Committee hearing this week. Executives told the senators that once the country transitions to the new system — which includes credit cards embedded with a microchip containing security data — these kind of hacking attacks will be much more difficult to pull off."

'via Blog this'

Much of the rest of the world switched to chip and PIN cards years ago. Why has it taken the U.S. so much longer?

The article explains that swipe and sign systems do not require instantaneous communication with the credit card company. It can operate "offline." However, swipe and sign is not as secure as the new EMV system, or 'chip and PIN' system. Thus, enter fraudsters into the US who look for "path of least resistance." October 2015 is the date set by major credit cards for the changeover.

Also, there is mention of the Durbin Amendment applying to credit card transactions. " ... Swipe fees are paid to banks by merchants for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Merchants lobbied heavily for a rule to limit debit card swipe fees. They accomplished this when the Durbin Amendment passeed with the Dodd-Frank financial reform legislation. This was considered a major loss for banks, who receive billions of dollars a year in income from swipe fees. (Y ikki peed ya) ... "

They are fighting over pennies, folks. Yes, the almighty Federal Reserve wants to charge back to merchants the cost of credit card fraud.
" ... The rule that the Federal Reserve issued went into effect on 1 October 2012 and allowed non-exempt card issuers to charge a one-cent fraud prevention fee to merchants in addition to another 0.7 percent for fraud prevention already included in the interchange fee. (ibid.)
Merchants fought back:
" ... The Merchant Payments Coalition (MPC) argued that this rule was unfair as the Durbin Amendment required the Federal Reserve to ensure that banks take effective steps against fraud and determine how much of the cost banks should bear themselves. The MPC said that banks should actually have to reduce fraud before receiving more funds. The MPC pointed out that the common practice of having customers merely signing for debit card purchases processed through the Visa and MasterCard payment networks instead of requiring a PIN greatly increases fraud. (ibid.) ..."
Thus, we will have the 'chip and PIN' credit cards next year.
*
*
*
BUT WAIT ... ! Banks say: "EMV is infallible." So when your card is jacked with its chip and PIN technology, and used to buy cruise tickets and poker hands, you don't get your lost money back from the banks. You are up a creek without a paddle.

What does "EMV" stand for? It is an acronym for "Europay, MasterCard, Visa." EMV has been used in almost all countries but USA for decades now. And it is a failure, in that in other countries cards have been jacked and used even though the banks claim EMV is infallible.

So, maybe it is time to go back to putting your hard-fought, after-tax, cash into your mattresses. Cash basis for all your transactions could mean difference in surviving all the Tech Coroners coming your way.



________________________Reference
http://blogs.wsj.com/corporate-intelligence/2014/02/06/october-2015-the-end-of-the-swipe-and-sign-credit-card/
http://en.wikipedia.org/wiki/Durbin_Amendment
  1. Jump up to:a b c Ylan Q. MuI (21 August 2013). "Fed slated to outline plans for cap on debit card 'swipe' fees". Washington Post




No comments:

Blog Archive

SUNDAY :: bishop FM 105.9 Auckland



[Go To SOURCE]

Gary Grainger LIVE BluesShow from Auckland, 6 to 8PM LondonTime .... you listen too.

DISCLAIMER

: It is PROHIBITED by law to use our service or the information it provides to make decisions about consumer credit, employment, insurance, tenant screening, or for any other purpose subject to the Fair Credit Reporting Act, 15 USC 1681 et seq. MooPig Wisdom does not provide consumer reports and is not a consumer reporting agency. The information available on our website may not be 100% accurate, complete, or up to date, so do not use this information as a substitute for your own due diligence, especially if you have concerns about a person’s criminal history. MooPig Wisdom does not make any representation or warranty about the accuracy of the information available through our website or about the character or integrity of the person about whom you inquire. So dip your balls in turpentine and get rid of your own fleas before calling me out.

Ask Someone Who Cares -- SUCH AS SUCH MULCH

To report any abusive, obscene, defamatory, racist,
homophobic or threatening comments, or anything that may violate any applicable laws, please click
--ask_someone_who cares -- ASWC to report with pertinent details.

Anyone posting such material will be immediately mesquitte blackened over a very hot pit fire down at C and J's BBQ on Harvey-Elmo-Weedon Road, and permanently removed from all servers, its IP
owner will be locked in a small room with back issues of
The ECONOMIST, and one scratchy re-mix 8-track tape of Steely Dan's first album...
IP addresses might be recorded to aid us in enforcing these conditions, that is if we cared.

A Fantastically Flawed Script for a Jazz Rock Opera -- "GAZA"

A Fantastically Flawed Script for a Jazz Rock Opera -- "GAZA"
GAZA by Pat Darnell for the Age of Attritionally Challenged

Email MooPigster Customers' Alert

http://www.youtube.com/watch?v=CywR3ouHKP4
If you receive this post via email, you notice it is mostly 'blank'.
We at MooPig Surmise, that at this point, one either says:
"WOW, I'm off the hook, and don't have to pay any attention to that pesky MooPig STUFF!!"
-- OR --
"Hey, where is it ...?"
The answer is: "IT IS A youTUBE presentation"... and you will now click on the http above to go see this modern miracle of technology.

MooPig Wisdom is Your Life-Line to Parody:
24\7 -- We accept all Calls from Contestants

MPW Unique Value Proposition, UVP
Shards of Evidence ... Opinion and Editorial ... We Blunderbuss indigestible Ersatz of Readers' and Writers' ... Explain Strategies of quasi-firms... and some not so quasi ... 110% Proof
One Only
Advertisement Only One
Publisher of Satire ... Enemy to Bombast ... Very Swank ... More Fun to Write than to Read

MooPig Wisdom is online to provide spring board for writers.
MooPig is the Writers' Writer that encourages voice, content, and style. PD

Bill Gaines said it

Bill Gaines said it
"My staff and contributors create the magazine," declared Gaines. "What I create is the atmosphere."