VISA regards PIN as an obsolete verification technique and has steered US banks to Chip & Signature. The Chip protects against cloned cards. The PIN verifies the user. These are separate factors with different risks. VISA believes there are better ways to authenticate the user.
VISA sees PIN as outdated and that signature is more easier for the consumer
How could a signature be a better way of authenticating than by a PIN that someone can't fake if they don't actually know?
Originally Posted by
kebosabi
Surprisingly simple.
Buy a skimming device off of eBay for less than $100 (or you could just build one yourself)
Someone gives you their card (i.e.: you could be a waiter at a restaurant and take it to the backroom to process it). And when no one is looking...
Swipe!
The victim's card is skimmed. All it takes is less than second to do when no one is looking.
Is skimming where I steal the credit card info from the magnetic strip so I can use it on my own or that I just charge the credit card multiple times?
Push come to shove, we already are lagging behind. Japan is already using Chip-and-fingerprint-with-pulse-check-so-that-a-fake-ain't-being-used-and-no-one-is-forcing-the-withdrawer-under-stress. Hitachi calls it VeinID.
Hitachi VeinID system, you stick a finger into the reader, infrared cameras takes a live feed of your veins, arteries, and capillaries of your finger, matches up with the info stored onto the EMV chip, if it matches and pulse rate is normal (not under stress), you're authorized to withdraw money.
I believe a lot of European and Asian banks have begun contracting with Hitachi to install these in their bank ATMs.
In the future it might be "why the f---k can't we Americans withdraw our money from the ATM in [insert foreign country]." Oh it's because we don't have your vein and pulse data and it's going to be too expensive to try and upgrade all of our ATMs in the US to handle those.
That's absolutely insane! So how would someone who doesn't have a Japanese credit card use a credit card in Japan?