Chip and Pin

Robert_Sterling_3

To make the system more secure we are to have Signature or Pin Number and later Pin Number Only.
Why signature or pin or only pin? Why not signature and pin in retail outlets.

nh

Surely because someone could forge your signature but it is much harder to get hold of a pin (oh no, let's not get into all that again ;D)

dthyer

I thought of suggesting the Chip & Pin & Signature idea a while ago also. It could be an option that particularly security conscious customers could request.

Another feature that might be good would be if customers could request to have a different PIN or no PIN at all for cash withdrawals. Of course I'm sure the banks wouldn't be so keen on that idea.

I wonder what someone who is sceptical about Chip & Pin would think of this idea.

omega27

The entire point of Chip&PIN is to shift the responsibility away from the CC companies. You know the PIN, must be you or you must have acted negligently - and that's the end of fraud as they know it.

There's always doubt with signatures, and the CC companies don't want any chance to introduce fraud after they've done so much to completely eleminate it.

;-)

Walletwatch

Frankly, Chip & Pin & Signature would be no different from Chip & Pin (how many retailers actually check the signature on your card against what you sign on their counterfoils? Not too many from my personal experience)

Also, the main selling point for retailers to accept Chip and Pin is that once they have the infrastructure for it, they will no longer be responsible for card-related frauds (they are today), so Chip&Pin&Signature would be an overhead for retailers, both in terms of time and money.

Walletwatch

Also, the main selling point for retailers to accept Chip and Pin is that once they have the infrastructure for it, they will no longer be responsible for card-related frauds (they are today), so Chip&Pin&Signature would be an overhead for retailers, both in terms of time and money.

DT

You're spot on. What I have quoted above is applicable w.e.f. 01-Jan, but then that is when signatures become irrelevant, and I presume that this discussion is more about the scenario post 01-Jan.

nh

I am a bit scared that if I become a victim of card fraud under chip and pin there will be vitually no defence - I will just have to pay. But then the likelihood of me being a victim of fraud is greatly reduced.

Someone here suggested they only ask you for two of the four pin numbers at the checkout, that way if someone is watching and then mugs you for your card, they won't know your whole pin number. I like that idea.

But then if someone mugs you you should be able to tell the CC companies straight away and therefore the thief shouldn't have time to use the card.