SOURCE: MASS PRIVATE I
Payment-processing giants like MasterCard and Visa insist that you and your financial data will be safer once you move to “smart” credit cards that contain a computer chip. And like it or not, credit card companies are forcing merchants to make the change.
After an Oct. 1, 2015, deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.
In other words credit card companies are FORCING merchants to make the change or they’ll have to pay for every fraudulent purchase!
The new “smart” credit card rules are forcing banks to also hold you accountable for any fraudulent purchases! You read that right, banks can blame the customer if they feel you might have been negligent.
EMV stands for Europay, MasterCard, and Visa, which is shorthand for bank owned digital currency.
A Fortune magazine interview with Carolyn Balfany MasterCard’s SVP of U.S. product delivery for EMV’s revealed this bombshell:
The ultimate would be no card at all, right? Where I just use my phone for everything.
“But is every demographic, is every person, ready for that? When we think about acceptance, we wouldn’t ever want to take a step back on acceptance. We want to make sure we are adding acceptance constantly to further our war on cash Carolyn Balfany said.”
Not to be outdone, Citigroup claims only criminals use cash:
Citigroup’s Chief Economist Willem Buiter claims …”even though hard evidence is hard to come by, it is very likely that the underground economy and the criminal community are among the heaviest users of currency.”
Evidence is hard to come by? In other words there is none and he’s full of s***!
“Imagine that your payment mechanism is built into a watch that your bank gave you. The watch includes an RFID or NFC capability, biometric recognition and is supported by existing infrastructures at the merchant front-end and money transmissions process back-end. The retail consumer can therefore go into any store, wave their watch at the contactless terminal, press their finger to the pay point and they have purchased the goods. No card or cash involved.”
“That is the vision of the future of retail payments and we are almost there today. We already have contactless payment terminals, fingerprint recognition payments, micro and mobile payments. The only logical step is to introduce non-card based (i.e. biometric-based) payment systems.”
There it is in black and white, THE WAR ON CASH IS REAL and credit card companies are hard at work trying to destroy currency!
Back to EMV’s; just how secure are “smart” credit cards? According to recent studies EVM “smart” cards are vulnerable to hacking.
Researchers have proven “smart” cards are more vulnerable to hacking than banks want you to know:
“I would walk up to you and I might stand like this on the train, Ok and boom, I have your credit card,” said David Bryan.
Bryan, a security specialist at Chicago’s Trustwave, used a device in his backpack to read account numbers and expiration dates – all from cards which I think are safely tucked away in my wallet…