Originally Posted by
joshwex90
While these clearly belong in the credit card forums, this isn't quite accurate.
Chip & PIN is significantly more secure than the mag stripe system. Not sure why you'd argue otherwise.
It's extremely easy to clone a mag strip card; exceedingly difficult (not going to say impossible, but it has yet to be done) to clone/skim a chip card. Add to that that mag stripe cards give over unencrypted data allowing man-in-the-middle attacks whereas data breaches with EMV cards are pointless as they'll only capture a one-time token.
As for asking for ID, that goes against Visa/MC policies, not to mention that if the card is cloned as opposed to stolen (which most fraud is), they'll print a card with a name to match the ID...
How is my post not quite accurate?
Visa/MC merchant policies in the US are not all the same as those outside the US.
I'm not arguing that Chip+PIN may be relatively less secure than non-chip+PIN cards, but I'm stating that they are not as secure as some may believe them to be and that they create some additional risk for some innocent people.
And biometric passports also create some additional risk for some innocent persons.
Swiped PINs can be a problem. And swiped biometrics can be a problem. In both cases, they have already led to some problems.
Data breaches with EMV cards are not pointless. The swiped card number + swiped PIN can be used to drain some accounts since not all uses of the cards involve reliance upon the chip.