Maybe if they did a better job at securing their systems and card security requirements there wouldn't be as much fraud that they are liable to cover? Their systems are broken. CC fraud is at a high. They're having to pay out more, decreasing profits. Answer? Raise fees and keep the broken system in place so they don't have to spend millions/billions to fix
their problem they created. Being able to use a RFID/NFC reader in close proximity to someones wallet (like in their back pocket, standing ahead of you in line) and being able to charge their card without even touching it is not a very good thing lol. Chip cards are pretty cool.
https://www.youtube.com/watch?v=PmoE1mDz_cMI can't find the other demo/video where they were just walking up to people and making charges in realtime by rfid scans.
One of the first thing I do on chip cards is cut the antennae trace on the chip. I don't need or want that convenience. Swiping the mag strip on the card isn't that hard for me, and never was.
They recently (last year?) raised limits (at least Visa) for the amount you (or someone) can spend without requiring a signature. It doesn't make me feel good that if my card is stolen someone can charge up to $1k on it without a signature. I don't know when the last time a merchant asked me to see my identification to see if it matched the name on my card.
This will just raise the price of all goods since merchants figure the cc fees into the prices of all products, whether you're paying with cash or card.
Meh, it's easier to just raise fees than fix the real problems directly affecting their bottom line: Fraud.
I can't find the other demo/video where they were just walking up to people and making charges in realtime by rfid scans.
One of the first thing I do on chip cards is cut the antennae trace on the chip. I don't need or want that convenience. Swiping the mag strip on the card isn't that hard for me, and never was.
They recently (last year?) raised limits (at least Visa) for the amount you (or someone) can spend without requiring a signature. It doesn't make me feel good that if my card is stolen someone can charge up to $1k on it without a signature. I don't know when the last time a merchant asked me to see my identification to see if it matched the name on my card.
This will just raise the price of all goods since merchants figure the cc fees into the prices of all products, whether you're paying with cash or card.
Meh, it's easier to just raise fees than fix the real problems directly affecting their bottom line: Fraud.