Quote:
Originally Posted by Penforhire
What I look forward to most is not having my credit card replaced due to fraud at least once a year, as it has been recently. The retail location never sees my original credit card. They only see a one-time number. That alone is worth it to me. I can also 'carry' more credit cards this way than my Big Skinny wallet would be comfortable holding. Win win.
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As of October of next year, any retailer that isn't on the new system, capable of accepting smart cards, is insane and not long for this work. And in that system, the retailers also never sees any card information. It's encrypted on the credit card pad, and all the retailer gets is a reference number. This will eliminate the rash of big retailers being hacked for millions of card numbers at a time, as the only place that will have those numbers is the banks themselves. (Who have also been hacked in the past, but not nearly as often.)