|
|
|
|
|
|
by powertower
4342 days ago
|
|
|
After reading the wikipedia article on this, these cards seems to be full of fallback mechanisms that make them virtually useless for more advanced protection but in only a few constrained situations, and it's biggest benefit is that it allows MasterCard and the others to shift liability of fraud from the Bank to the merchant and the customer. |
|
|
It allows the shift in liability to the merchant if they don't perform a chip transaction.
Fallback is at merchant discretion, if they want to take transactions under those circumstances then that's their risk.
Other than that, no EMV is not perfect, but it's a DAMN site better than the everything-in-the-clear magstripe. Did you read the linked article about fraud levels?