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TygrBright

(20,758 posts)

6. No, they don't.

Reply to SheilaT (Reply #5)

Tue Aug 5, 2014, 04:49 PM

Aug 2014

In order to implement fraud-protected networks, the credit card companies would have to upgrade all of their Point-of-Sale equipment, as well as their own networks and data management systems.

It would be a significant cost, but it's really hard for me to believe it would be as much as fraud is costing their customers-- both banks and card holders-- throughout the system.

Problem is, none of the fraud costs reach the credit card companies.

irritatedly,
Bright

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19 replies

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Highlight:

How NOT to Deal with Credit Card Fraud: A Case Study [View all] TygrBright Aug 2014 OP

"My Internet packets will be travelling to California today, they'll be there for 10 seconds"... PoliticAverse Aug 2014 #1

I'm imagining little "customs" nodes springing up everywhere. TygrBright Aug 2014 #3

Just because you like you local bank doesn't mean you cannot get credit cards from other banks MrNJ Aug 2014 #2

Oh, yes, we have other cards. TygrBright Aug 2014 #4

I'm under the impression that none of the credit cards SheilaT Aug 2014 #5

No, they don't. TygrBright Aug 2014 #6

Chase Sapphire Preferred has the chip. n/t tammywammy Aug 2014 #7

EMV is being rolled out over here. mwooldri Aug 2014 #11

In your situation the microchip card would be useless... brooklynite Aug 2014 #8

Good point! TygrBright Aug 2014 #9

We order items regularly from Canada brer cat Aug 2014 #10

microchip cards are an invite to be cyber-robbed by thieves with scanners nt msongs Aug 2014 #12

Have you travelled to Europe recently? tritsofme Aug 2014 #16

We have those chip cards in Canada too laundry_queen Aug 2014 #17

I'm certain small hometown banks can have chip cards and better fraud tools through outsourcing. mwooldri Aug 2014 #13

I'm with a small credit union. Initech Aug 2014 #15

Your anecdote is hardly convincing. GeorgeGist Aug 2014 #18

In what way? Initech Aug 2014 #19

I had my entire checking account wiped out by fraudsters a couple weeks ago. Been there, done that Initech Aug 2014 #14