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Can we please move to chip and pin already? Sheesh I hate agreeing with Pete even a little bit.
Mornin' Sherman. :2wave: Looks like we wont be doing it anytime soon.
Why credit hacks will keep happening
But chip-and-PIN cards aren't going mainstream in the United States anytime soon. At $1 to $2 per card, they're about 10 times more expensive for banks to produce than magnetic stripe versions. Merchants would also need to upgrade their point-of-sale systems -- an expensive proposition.
That trade group hopes the shift to chip-and-PIN will be underway by 2015, but others say 2018 is more realistic. Some banks, such as Chase (JPM, Fortune 500) and Citi (C, Fortune 500), already offer the latest chip-and-PIN cards, but they're mostly marketed to customers who frequently travel abroad.
The problem is that banks and credit card companies have little motivation to change the current system, said Anisha Sekar, who reviews credit cards for finance site NerdWallet. Financial institutions earned $41.2 billion from credit card swipe fees last year, according to advisory firm Sonecon. Meanwhile, they lost just $5.33 billion to fraud, according to payment industry newsletter The Nilson Report.
"Credit card companies don't have much incentive to make cards safer," Sekar said.....snip~
Why credit hacks will keep happening - Dec. 20, 2013