^^this sounds very plausible to me. As does the gas idea (I forgot that some of them have gas stations).
I really wish our credit card company had pulled the security footage to try to nab these people. We did not end up liable for the charge (thankfully).
Except that some people don’t have phones (like my mother!), or those times when you forgot your phone at home or the battery died…I suppose, the first situation (doesn’t have phone) could be made into a permanent exception, but the second one, well, that would leave someone in a tough spot!
The existing system (aka magnetic strips) is all about speed. Credit card companies (CCC) just want you to go, go, go with your shopping and if there’s a problem they’ll deal with it later. IMO although CCCs pay lip service to fraud, their interest rates and fees more than make up for the “pain” they have to endure because of any fraud losses. Although fraud has gone down in the world where chip and PIN cards are used, CCCs have resisted them here because they slow down the transaction which is something CCCs simply detest. CCCs only gave into less secure chip and signature because of public outrage. But chip and signature are less secure than chip and PIN because anyone can just sign whereas PINs are unique to credit card holder. But again CCCs “worry” that someone will forget their PIN, no transaction will occur and a customer will walk, heaven forbid. As to forgetting PIN, I have pages of user ID/passwords on a flash drive that I have to refer to for some accts I have. But off the top of my head I know my 3 siblings DOBs, my, wife’s and S’s SSNs and DOBs, wife’s debit card PIN, PIN to access safe deposit box, every street address I’ve had going back to 60s, 2 cell phone numbers, 4 ex girlfriends DOBs going back to 60s, login credentials to cell phone acct, 2 bank accts, 4 email accts (all of these log in credentials are all different and are at least 12 letters/numbers in length). One odd thing is that although I can remember 4 ex girlfriends’ DOBs, I can’t remember first wife’s DOB?? My problem is people saying they can’t remember a new 4 digit PIN number, really?
It doesn’t slow down the process at all because you do not have to sign.
Actually, in my limited experience so far with the chip, it does seem to take a little longer to approve (maybe that’s just growing pains of a new system?). But really, does it matter? Does the CCCs really care if it takes 30 seconds longer for me to exit the grocery store? I don’t see how this is helping them. OTOH, I could see why the grocery store might hesitate if it’s going to slow down their line.
W has reported having to sign a couple of times with chip card. She couldn’t remember where or if it was an amount that triggered signature request. It does take a little longer for chip card to process transaction which I don’t think CCCs mind, but as Xmas lines get longer the delay in processing will probably cause an uptick in anger in always happy customer lines.
So a person who doesn’t have a cell phone could never use a credit card? Some people don’t have phones at all; some might have phones but forget to bring them with them, and sometimes phone batteries die or phone reception doesn’t work inside some buildings or other areas where a person might want to swipe their card.
It’s fine for people who opt into that and want it as an extra … but it could be huge hindrance to others.
Yes really.
How old are you?
I’ll bet there are all sorts of things I can remember better than you. Random number sequences aren’t one of them. And matching a particular random number sequence to a particular credit card would be even harder… unless, of course, I choose something easy to remember and use the same for all… which is hardly “secure”.
At a merchant that I have bought stuff from before and after it activated the chip readers, the card approval time using the chip reader was longer than when the stripe was swiped before the chip readers were activated. It appears to have the same price threshold for asking for a signature before and after the chip readers were activated.
@ucbalumnus, well, I guess perhaps the U.S. should have a look at the system used in Canada for many years now with no slowdown and never requiring a signature.
Although I’m not sure how’d we test your theory or more importantly how I’d collect on the bet…. (ha ha, I’m joking).
We all have our strengths and weaknesses. I’m not going to get into who can memorize what better. W and I have 4 credit cards. If we had to learn four 4 digit PIN numbers today I suspect that we would initially struggle remembering the numbers themselves and which one went with which card. But it wouldn’t take very long of regular usage to know which number went with what card. In reality one, maybe two chip enabled Visa or Mastercards with PIN(s) would be most secure and probably do the trick for most people’s credit card needs.
Personally for me I wouldn’t make up random numbers, I’d associate a PIN with something I knew. For example, knowing a sibling’s birthdate is say today 12/13/2015, I’d drop the year and use the date/month in reverse so my new PIN would be 3121, easy peasy.
I’m in my 60s.
If you have a 4 digit pin and it’s not been compromised, why not just double it?
to each their own. I have exactly 2 pin related cards…each with a different, easily associated pin.
therefore, at any given time I have a 50/50 chance of getting it right and I umm, lets just say, regularly hold up the line.
and i’m not in my 60’s.
I’ve been forced to used the chip reader only once so far and it was a debacle. I had no idea how to do it (actually I had no idea my card had a chip), nor did the cashier. the entire process took a small eternity and its not one i’m looking to repeat. I prefer the good old fashion swipe and go.
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This is why it’s a good idea to read the materials that come with your new credit card!
My mom has been a victim of fraud and/or ID theft. The CC company refuses to cancel the card and has closed the case. I’m turning the case over to their attorney. I hope he is able to promptly resolve this, as it rules up her and dad to know they’re being defrauded. She doesn’t even have the CC, but they keep sending her bills! We filed a police report but Citi says no fraud!
I will never do business with Citi!