New secure credit cards?

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Just got a new Westpac Ignite Mastercard today (they bought out
Virgin). It's got a nice shiny smart card style chip in it. Supposedly
a "CHIP based card for increased fraud protection" or some such said
the blurb.
I didn't know there were any infrastructure/readers etc out there that
could take advantage of such a thing.
It's still got the magnetic strip as well of course.
Anyone got any idea how it works or what it's intended for?

Dave.

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Ah-ha, found it, this is what Westpac say:
http://www.westpac.com.au/internet/publish.nsf/Content/PBCCCS+Chip+FAQs

Sounds like no real benefit over my other credit card that I use the
pin number with, much better than the useless signature method.

Dave.

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They've been using them in the UK for a while now - and there's been a
massive increase in CC fraud as a result.

Absolutely no audit trail to protect you - when you report a fraudulent
transaction, they say, "You must have given someone the card and
number..."  At least with the bit of paper you can say, "Show me."

    Cheers,
        Gary    B-)

--
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Funny thing is if you zap the chip the paper trail is re established
easily..

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For the moment. Expect to find that zapping the chip in future results
in the card being unusable.

Sylvia.

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wrong

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What a strange response. How can you possible say that will not be how
things work in future?

Sylvia.

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Easily, you both have to wait to see who is right :-)

MrT.



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It will never be possible to show that I was wrong.

Sylvia.

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Not to you anyway, you've made that much clear already.

MrT.



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I think you've missed the point. I've said that at some time in the
future some event will occur. If it occurs, then I'm proved right. If it
doesn't occur by some point in time, that just means that it could occur
later.

So showing that I was wrong would involve waiting for the rest of
eternity to check the the predicted event never occurs.

Sylvia.

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I doubt people or banks will last for eternity. In any case it hardly
matters after we are both dead :-)
Of course there is another more likely possibility, any banking decision may
occur, and be reversed any number of times between now and eternity!

MrT.



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she revels in her ignorance worn like a mantle across her shoulders
  the rest of the world points and laffs.

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Actually I thought you were acting like a bit of a stupid knob Atec.
"wrong" Bwahaha!

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I will defend your right to be (and you are) now who said it ?

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The more I hear of these frauds, and the less I feel like buying these
days, the more I realise why I like using cash.

Of course that could always be rendered worthless if there is a big
currency crash, or the worldwide money printing currently going on to
"stimulate the economy" dilutes the value of your money ending in
similar result (given enough time)

Re: New secure credit cards?
What are you idiots going on about?
Just because there is a Chip on your card, you still need to SIGN it, unless
you want to use your PIN..
There still is a PAPER trail,as the unit still prints out a Docket,
regardless if you sign or PIN it..

The reason they are using a chip, is because of Card scamming, where the
magnet card swipe is changed to different number,
e.g. they use their own credit card, but change the Card number on the strip
to YOURS..
That's what is really for,,

The fun bit is these Card chips are not designed for regular use..
We have already had several cards with faulty chips that need to be swiped..
(The contacts have just worn out)
Allan


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So when they claim that you made some purchase, and you claim you
didn't, you'll show them that you don't have a docket, and that will be
proof positive.

Sylvia.

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  Ah, but there's something you weren't aware of.  Technically, these cards
are usable in situations where you DON'T require a PIN or signature-the PIN is
pre-encrypted onto the card itself, thus providing authentication.

  There are automated machines such as bus/train/whatever fare machines and
such that can handle these cards.  Just poke in your card, and you buy a
ticket. Or whatever.

  There are no such machines here (yet) that I know of, but there are
overseas, and THAT'S where things are problematic.
  If one vendor can make it super-convenient for the buyer to shell out money,
it inherently makes it super-convenient for thieves who have duplicated said
smart bits, to go shopping.

  When you get your statement back with various charges you didn't make, the
banks position is, since the cards are COMPLETELY infallible, it could only
possibly have been you who made those purchases.


  Though, my opinion is that I don't think this is going to last anyway.  When
enough users get suckered by duplicate cards, and the media gets hold of it
(such as the news and other more questionable tabloid journalism programs) the
banks will HAVE to admit one or two of their COMPLETELY infallible cards are
in fact fallible after all.  Shock horror - would have never expected that...
--
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There's in the Macfarlane St car park in South Yarra, and
it doesn't require a chip-card. Just scan the barcode on
your entry ticket, poke in your card, and you get charged
the $7 early bird rate (or presumably whatever other rate
you deserve).

I'm assuming that the merchant wears the liability in this
case however, and can use video evidence to back themselves
up.

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