![]() The US was slow to adopt the chip, let alone chip and PIN, because banks instead invested a lot in real time fraud detection systems. But since cloned card fraud is currently a much bigger problem than lost/stolen card fraud, just going to the chip alone addresses a lot of the issue. But with the chip, it generates unique cryptographic signatures for each transaction using private keys that can't be extracted from the card, so it's not possible to create a clone of the chip.Īdding a PIN makes fraud difficult in the case that the card itself is stolen or lost. Card cloning is where someone reads the magnetic stripe off your card and writes it to a different card. The chip alone prevents card cloning (or will, once swiping becomes rare). ![]() Friends of /r/AskAnAmerican USA Travel Ask An African Ask An Australian Ask A Canadian Ask Europe Ask A German Ask Latin America Ask Los Angeles Ask New York City Ask A Russian Ask UK Ask Central Asia America Fireside We have plenty of flair options for you to choose from:Ĭlick the edit button next to your name to select your flair. Latest demographic survey results (June 2021) Flair Do not comment with the intent to push an agenda, soapbox, sealion, or argue in bad faith. ![]()
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