Quote:
Originally Posted by Resolute 14
No offence, but how freaking sad is the 'younger generation' if inputting a four digit code is such a burden on you?
That said, I find it amusing and ridiculous that so soon after rolling out chip and pin technology to increase secuirty on cards, they follow it up with a system that defeats security entirely. Even if it is limited to relatively small transaction amounts.
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The chip technology prevents duplication of debit and credit cards. So even without a pin required it is safer than the old cards.
When you get your new debit card you sign for it accepting this new feature. My bank asked me if I wanted it on or off. (I went with off).
I assume the drive for this comes from retailers like Mcdonalds who make money by decreasing the time it takes to process customers. Also the fraud rate for transactions under $50 is likely low so it is probably worth the risk for increased efficiency.