Hw 8 Morgan Billings
MasterCard, Visa Moving U.S.
Credit Cards to 'Chip-and-PIN' by 2013
Author: Mark
Hachman 2/2/12
MasterCard followed Visa's lead this week, stating that it too intends
to move U.S. consumers onto so-called chip-and-PIN technology by April 2013. This
means every time you make a credit card payment the machine reads a chip built
in to the card and then prompts you to type down your 4 digit security pin
number. I believe this new security is a good idea in many ways. First, if your
card got stolen right away and you don’t realize that it was gone for a couple
hours the person who stole it could go on a spending spree until you got cut
off. With the four digit pin number this will prevent someone from doing this
and causing you a lot of stress. Second, people in other countries are already
using this and it is working quite well. This chip also would make buying
things when traveling. “MasterCard, like Visa, also said that it is preparing
for a world where consumers will pay in stores, online, and via mobile devices.
However, the company did not promote a wireless technology, such as Visa's
endorsement of near-field technology used by Google Wallet.” Google
wallet is just like a credit card but you pay with your mobile device. For example
if you go to the grocery store and your checking out instead of swiping your
card you launch the app and hold the phone about the credit card reader. Just like
the card you type down your security pin number and then you are on your way. Also
with the app are all of your transactions which you can actually print out for
your own records. Some people believe these technological ways of buying things
is wrong and actually causes an even more security problem. The threat are
criminals who hack computers stealing information and pin numbers and online
shop for themselves sending the merchandise to addresses like P.O boxes and
then running. I believe this is a huge problem because more and more people are
hacking everyday like the hack group anonymous. The only way this will work is
if our internet security steps up and people can safely use these neat ways of purchasing
products.
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