Originally Posted by
Himeno
Originally Posted by
GUWonder
Even with Chip+PIN cards, they are subject to being used for fraudulent transactions. The full number of the bank card + three/four digit security codes on the back and/or front of the card can still be used for transactions over various channels. Also, the Chip+PIN cards can still be used without PIN entry even at brick and mortar stores, although some retailers may ask for ID verification. Not that retailers are all that competent in ID verification. And then there are PIN capturing methods which make increased PIN use a source of more easily draining bank accounts tied to some such chip+PIN cards.
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...