Comments: Chip&PIN cards: 1 in 5 cloned?

A few gems in the 'advice' at the end of the news item (BTW link not woking as is)

- "Make sure your post is secure": How?
- "Only carry the cards you need": Should I have any I don't need?
- "If you store valuable documents at home, for example, passports, driving license and bank statements": Where else will I store them, in a warehouse?

Posted by Anonymous1 at February 8, 2008 01:50 AM

Consumers prefer entering a PIN when using a debit card over all types of signature-based card payments, whether credit or debit, Gartner found. Banks promote signature-based debit payments because they earn more fee revenue from card-accepting merchants.

Banks charge more on the premise that signature-based payments are riskier and more prone to theft.

"Fraud rates on signature-based debit card payments are at least 10 times higher, and banks usually eat these costs if they are incurred in a card-present (or store) environment," Gartner analyst Avivah Litan said in a statement. "Higher interchange fees paid by merchants to banks and card issuers for signature-based transactions must offset these costs or else banks wouldn't promote the signature variety."

People's least favorite payment type is contact-less, or wireless, payments, Gartner said. There is similarly small interest in using mobile phones to make payments.

Gartner advises brick-and-mortar businesses that accept electronic payments to promote use of PIN-based debit-card payments by offering store-based incentive programs.

"Businesses pay less to banks for PIN-based payments and since consumers prefer them anyway, this is a win-win strategy for all parties except credit card issuers and banks," Litan said.

Posted by Consumers Favor PINs Over Banks' Debit Payment Needles at February 8, 2008 10:27 AM

A little of the "consumers favor PINs" article discussed in this post/thread

including discussion of various efforts regarding various alternatives over nearly two decades

and runs into followup post

which wanders into this reference over at digital money; short lead-in

How pathetic is it that when I want to buy something on the Internet using my bank card I have do mess around typing in endless details, numbers, codes, passwords and the like. It's all so 1994. In an a modern economy, that sort of thing is seen as being on a par with Babylonian clay tablets or filling out paper forms to make a SEPA Credit Transfer. But in advanced countries, there is another way:

... snip ...

aka, dates back to the payment gateway
done with small client/server startup that had invented this technology SSL
that they wanted to apply to the business processes ... now frequently referred to as "electronic commerce".

Posted by Lynn Wheeler at February 9, 2008 09:42 AM
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