Bank of America security alert....

[taustin]

Quote:
Originally Posted by taustin
What you describe sounds more like you work for someone who takes credit cards, not someone who issues them.

I do. I've never claimed otherwise.

Originally Posted by ScalyFreak

I do. I've never claimed otherwise.



That's because I'm not talking about calling the bank that issued the card. I'm talking about calling the company that charged the card and asking for information. I thought I had made that clear; obviously not.

Then you're not participating in the same conversation that I am. My comment was specifically about calling the bank that issued the card to inquire about a fraudulent charge that caused the card to be cancelled. How could you possibly call anyone else to find out where the card was used? Your replies make no sense at all in the context of what I've said.

[taustin]

Originally Posted by ScalyFreak

Lack of desire to do so, is my guess. No one wants to be the first one to do it, and lose a very large number of customers who prefer to have lesser security on their cards, rather than be inconvenienced by making the card impossible to use if they lose it.

Losing merchants is actually a bigger concern, I suspect. While the interest paid by card holders is a lot of money, the main source of income to banks is merchant fees. And sending out a a new card to the card holder is something the card holder expects for free, while the merchant has to foot the bill for his processing terminal, and a merchant who doens't can process chip-and-pin cards. It requires the coordination of millions of businsses to make it happen. That takes years.

[Shopaholic]

Taustin,

I'm in Canada. We have 6 major banks & a few trust companies not like the US that has one for almost every county in every state making god knows how many 100's or 1000's of banks. And we're highly regulated. That's why we never failed or had to deal with the mortgage crisis that you guys did. And we have not been "sued out of existence" for not telling clients where their card was compromised.

Again, your first line of contact - the person at the bank or the person on the phone - does NOT see where your card was compromised. Period. End of story. We will see charges on the card yes. If you say you didn't make that charge, that's another story. If your card has been classed as compromised whether or not funds have been illegally taken, we do not see where that compromise has taken place.

I'm not going to cite you any law or regulation because I know you wouldn't believe me even if I did. So I'm not wasting my time. You go on believing what you want and have a merry life doing so. I know what I know to be true, some of which you're not even understanding of what I'm saying but you go on thinking you're right.

Oh and in Canada, if your bank or credit card is compromised and funds have been fraudulently taken, you're not responsible for a penny. Even if you lose your card. We don't charge you the $50 you say you get stuck paying.

Bilbo1967:

Yes the US still uses swipe & sign. Even with Canadian cards that have chip & pin & now the paywave/flash option. The US system does not use it.

[carpetmojo]

Originally Posted by HarryT

Both credit and debit cards in the UK and, I believe, in most Western European countries, have been "chip and pin" for many years; I don't know how many years it is since I last signed for a card transaction - quite a few, certainly!

Any idea why it's not been implemented in the US thus far? I don't think it's the doing of MasterCard or Visa, since both of those are chip and pin elsewhere.

It's quite exciting to be ahead of of the US in consumer technology - perhaps the reason is we had a bigger % of frauds perpetrated ! [Unlikely, surely...]

I don't think it's the cost, after all all the major European concerns (Tesco, etc.... for example) embraced the move fairly happily.... more secure for them and us, speed, convenience, something to spend the increased profits on ....

Actually, I do remember being faced with a kind of Chip and Pin scenario in Portugal, well before the UK had them, which was interesting/embarrassing ! The demand for "Banqo nombre " meant nothing to me, at the head of a very long, impatient supermarket queue....

My thought about cards being ...diverted... was wondering there was any value in them as blanks etc..
But the the criminal fraternity probably have their own factories churning them out !

[taustin]

Originally Posted by Shopaholic

Taustin,

I'm in Canada.

That explains why you have to deal with screwy laws, and why card holders do not have the right to access to records to their own account, I suppose. You should have made that clear earlier.

[murraypaul]

Originally Posted by HarryT

Both credit and debit cards in the UK and, I believe, in most Western European countries, have been "chip and pin" for many years; I don't know how many years it is since I last signed for a card transaction - quite a few, certainly!

Any idea why it's not been implemented in the US thus far? I don't think it's the doing of MasterCard or Visa, since both of those are chip and pin elsewhere.

The US seems a lot more conservative (polite way of saying backwards ) as far as finances go. Cheques still seem to predominate, while they are on the verge of ceasing to exist as a general-purpose purchase mechanism here. Cash is more prevalent there vs debit cards here, and direct-debits for bill payment much less of a standard practice.
The other way of looking at it is that we are happy to put a lot more trust in our banks that they will just get it right (and have stronger consumer legislation), whereas in the US they want to retain a lot more control.