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I’ve read that some have criticized the new technology because it does not go far enough. With EMV, there is card and there is card and signature, and what’s rolling out in general in the United States is card and signature. What that means, as you have probably experienced yourself – you put the card in the machine and then you’re signing for the transaction. There is also a card and pin, which is a higher degree of security. n
The card and signature is not the endall–be-all because it doesn’t have the pin. Some have said that’s a huge missing link. That is correct. I could have the card stolen out of my wallet and somebody could still go and use it because there is not a pin required. A lot of comment from people in the United States that just have a card and signature (is), if they go to Europe or just international travel – sometimes they have difficulty because in Europe and internationally, they are using the pin and chip more than the chip and signature. n
These are different times when the U.S. is so far behind in technology. n Europay, MasterCard and Visa have to force this issue. Merchants and issuers weren’t excited about the increased expense to do this. This past Oct. 1 deadline wasn’t mandated by government. It was mandated by Europay, MasterCard and Visa.
Did MAX meet the Oct. 1 deadline? We got our credit cards out. We started rolling them out in August. We, along with others, did not mass-reissue. We are issuing our cards as they naturally renew. We are in the midst of (rolling out) our debit cards. n
How long does it take to replace the old credit cards and debit cards? Is it twoor three-month process? n It’s closer to six months. If there is no chip reader at the merchant, then the mag stripe still works.
I have to use it at some places, but you do feel better when you use the chip because it is safer. n
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Montgomery Business Journal February 2016
Absolutely. Well, I’m glad to have it. n