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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It's not ridiculous at all. How can something be defeated entirely and limited at the same time? It carries a zero liability policy for the consumer and it can be removed so I'm not sure why anybody but a Luddite would be uncomfortable with it. It perhaps opens risk to small amounts of fraud but chip and pin still limits bigger incidents and card duplication.
The new service speeds up transactions for places that lose business when their line-ups are too long. If anyone get ahold of the card and tries to run up a big total in fast food drive-thrus and/or small transactions in grocery stores full of cameras and sometimes security guards then good luck to them in life. The banks take on the bit of risk because they make extra money from more transactions being put through Interac because of it.