Credit Where Credit Is Don’t 0
John Gelles explains how Visa and Mastercard’s new credit card chips won’t live up to their billing as protecting against fraud. Here’s the crucial bit (emphasis added), but I recommend following the link and reading the entire article:
Why did it fail? Mark Horwedel, the group’s CEO, says a key reason is that different rules cover different kinds of fraud – and that, once again, Visa, MasterCard, and the big banks are chiefly taking care of themselves.
(snip)
Studies show that PINs cut fraud losses by as much as 85 percent or more–one reason their use is also urged by such advocates as U.S. PIRG’s Ed Mierzwinski, who says consumers ultimately pay the costs of fraud either indirectly or as its victims.
